Reported 8 months ago
The cryptocurrency market is experiencing losses following one of the worst weekly drops of 2024, mainly due to decreased demand for Bitcoin exchange-traded funds and uncertainty surrounding monetary policies. The largest 100 digital assets have collectively dropped by about 5% in the seven days leading up to Sunday, with Bitcoin trading around $62,275 on Monday morning in London. Analysts are attributing the decline to factors such as doubts about the Federal Reserve's ability to quickly reduce interest rates and warning signs for broader risk appetite. Despite preparations for the launch of US ETFs directly investing in Ether and the growing popularity of Solana among digital-asset hedge funds, Bitcoin is trailing behind traditional assets like stocks and bonds this quarter.
Source: YAHOO