📣Bitcoin Drops to $60,000 at Start of Week📣
THE QUEEN 👸
Cryptocurrency leader Bitcoin continued its slide to $60,000 on Monday.The price of the flagship cryptocurrency was last down more than 4% at $61,211.00, according to Coin Metrics. Earlier, the coin fell to $60,666.30, its lowest level in more than a month. This comes after falling more than 8% last week.Digital asset investment products have seen a second straight week of outflows, according to CoinShares. Cryptocurrency investment products saw their lowest trading volumes globally last week since the launch of bitcoin exchange-traded funds in the United States in January. “We’ve now seen $1.2 billion in outflows from crypto ETFs over the past two weeks, all of which started after the FOMC meeting,” James Butterfill, head of research at the crypto-focused asset manager, told CNBC. “We believe that continued pessimism about the number of rate cuts is weighing on crypto sentiment.”“The Fed has indicated that it needs to see more evidence of lower inflation before it becomes more dovish, so any macro indicator that points to continued lower inflation is likely to support prices, conversely, inflation history will weigh on prices,” Butterfill added.For her part, Coincover’s chief strategist, Eleanor Gaywood, said that there is often market jitters ahead of the Fed’s preferred inflation gauge, which is due out on Friday.She said that signs of a September rate cut could ease investor nerves and stabilize Bitcoin’s price.
although all of these lines i guess $BTC will recover and make it's own comeback once the Mar is more stable
