$BTC downwards, let's wait how much the price will fall.

Losses are piling up in the cryptocurrency market after its second-worst weekly decline of 2024, a reflection of cooling demand for Bitcoin exchange-traded funds and uncertainty over monetary policy.

A gauge of the 100 largest digital assets fell about 5% in the seven days through Sunday, the steepest drop since April, according to data compiled by Bloomberg. This Monday, June 24, bitcoin lost 4% to trade at US$61,153 starting the day, a minimum of more than a month. The top token by market value has been rocked by a six-day streak of outflows from specialized US ETFs.

Gox, the Japanese cryptocurrency exchange that was hacked more than a decade ago, announced it would begin bitcoin and bitcoin cash redemptions in July. "Given the Mt Gox announcement, it seems that there are market participants taking a short position," Stefan von Haenisch, head of trading at OSL SG Pte. "Crypto markets are struggling to catch a bid at the moment."

The cryptocurrency crash comes amid doubts about the Federal Reserve's ability to quickly cut interest rates from their two-decade high. For some analysts, the decline in digital assets is a warning sign about risk appetite in general.

Current cryptocurrency market dynamics "are characterized by low volatility, low volumes, and order books that become unbalanced when prices begin to move toward the limits of their range," David Lawant, head of research at FalconX, wrote in a note.

The declines in some corners are especially notable: Ether and Solana's streak of weekly declines is the longest since last year and 2022, respectively.

Caroline Mauron of Orbit Markets says: "It looks like a bearish mood is setting in." "The market is having a hard time digesting large sell orders"