Bitcoin price today: slides to $65k amid high liquidations, ETF outflows
Trending Articles- Silver Price Forecast: Trump Signals Rapid Progress in US-Iran Negotiations, Bulls Target $90
- Gold Falls Below $4,400 for First Time in Two Months. Institutions Lower Gold Price Forecasts as Market Expects PCE to Approach 4%
- Forex Today: Yet to be confirmed US-Iran MOU caps US Dollar's upside
- Bitcoin loses $73,000 as US-Iran escalation, ETF outflows deepen crypto market sell-off
- Gold declines below $4,500 as Iran tensions stoke inflation fears and bolster Fed hike bets
- Fed’s Powell says credibility lost if President can fire officials
Bitcoin (BTC) fell in early Asia trading on Tuesday, erasing all of the gains it mate a day earlier, driven by ongoing profit-taking and continued net outflows from U.S.-listed bitcoin exchange-traded funds (ETFs).
The world’s largest cryptocurrency fell roughly 1% in the past 24 hours to $65,635 by 04:34 am ET (08:34 GMT). BTC has initially dropped as low as $64,000, before reversing some of the sharp losses.
The cryptocurrency has been hovering around its 50-day moving average at $66,000, putting the medium-term uptrend to the test.
Bitcoin pressured as crypto liquidations hit nearly $500mn
Bitcoin has had a relatively quiet weekend, mainly hovering around the $66,000 mark. Monday's trading started slowly but picked up momentum later in the day. However, following an unexpected surge in volatility, the premier crypto asset dropped by over $3,000, hitting its lowest level since May 15.
This sharp volatility negatively impacted over-leveraged traders, with more than 190,000 positions liquidated in the past day, totaling over $480 million. Simultaneously, Bitcoin exchange-traded funds (ETFs) saw net outflows of $145 million, extending last week's poor performance and further dampening bullish sentiment in the market.
Last week, Bitcoin fell below $65,000 for the first time in a month as ETF outflows exceeded $500 million after the Federal Reserve indicated only one interest rate cut for 2024.
According to market analysts, other factors also did nothing to help support Bitcoin's price. For instance, French President Emmanuel Macron unexpectedly called a snap election in the country, a move that strengthened the dollar as traders dumped the euro.
A strong dollar typically puts pressure on Bitcoin as it makes dollar-denominated assets more attractive to investors, reducing demand for alternative assets like Bitcoin.
Crypto price today: Altcoins stage mixed performance
Beyond Bitcoin, most major altcoins also experienced slight declines on Monday morning.
The world's second-largest cryptocurrency, ETH/USD, dropped by 2.7% to $3,447.18, while Cardano fell nearly 6.4%. In contrast, XRP rose by 2.1%, but Solana saw a 4.8% decline.
Meme tokens faced significant losses, with DOGE/USD and Investing.com Shiba Inu Index plunging 7.6% and 9%, respectively.
Read more
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
