Bitcoin below $60,000 continued to attract market interest, after the world’s largest cryptocurrency fell to around $59,581.
This is after being affected by the continued outflow of investments from Bitcoin exchange-traded funds, along with the strength of the US dollar and the rise in expectations of monetary policy tightening by the Federal Reserve.
Bitcoin below $60,000 recorded a decline of 1.57%, heading towards its second consecutive quarterly loss.
This is a rare development that reflects the state of caution that dominates investors in the crypto market.
Spot ETFs in the United States saw funds continue to flow for the seventh day in a row.
Outflows during Friday’s session amounted to about $445 million, while total funds withdrawn since the beginning of the month increased to about $4.06 billion.
This led to a decline in the value of assets under management to about $72.8 billion.
Despite the sell-off, blockchain data revealed an increase in large deals worth more than $100,000 and $1 million.
Some major investors have taken advantage of falling prices to build new investment positions, while long-term investors have begun to take losses after weeks of declines.
A stronger US dollar and higher expectations of continued tightening monetary policy also put pressure on riskier assets.
Including cryptocurrencies, along with gold and silver.
Analysts believe that the future direction of the market will be determined by the decisions of the Federal Reserve and the developments of US legislation on digital assets.
In addition, positive inflows to ETFs have returned.
In the rest of the market, Ethereum, Ripple, Binance Coin, Solana, Cardano, and Dogecoin, along with TRUMP, fell.
In continuation of the mass decline witnessed by cryptocurrencies.
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