Bitcoin’s value dropped to $60,000 on Monday, continuing its recent decline. The cryptocurrency fell over 4% to $61,211.00, reaching a one-month low of $60,666.30. Over the past week, Bitcoin has decreased by more than 8%.
This decline comes amid the second consecutive week of outflows in digital asset investment products, as reported by CoinShares. Last week saw the lowest trading volumes for crypto investment products globally since the launch of U.S. Bitcoin ETFs in January.
James Butterfill, head of research at CoinShares, attributes the $1.2 billion outflows from crypto ETFs over the past two weeks to pessimism following the FOMC meeting. The Federal Reserve’s stance on requiring more evidence of falling inflation before considering rate cuts has impacted crypto sentiment.
Eleanor Gaywood, head of strategy at Coincover, noted market anxieties ahead of the personal consumption expenditure index release, the Fed’s preferred inflation measure, due this Friday. She suggested that signs of a potential rate cut in September could calm investor concerns and stabilize Bitcoin’s price.
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