Negative ETF flows caused major cryptocurrency tokens, like Bitcoin, to trade lower. At $62,322.09, Bitcoin had a 3% decline. Dogecoin (2.97%), XRP (2.97%), and Ethereum (4.04%) were among the other cryptocurrencies impacted.
On Monday, major cryptocurrency tokens experienced negative trading as a result of unfavourable ETF flows. At 12:20 p.m. India time, Bitcoin (BTC) has dropped more than 3% and was trading at $62,322.09.
Other notable cryptocurrencies include Cardano (3.68%), Solana (7.28%), BNB (3.79%), Toncoin (4.89%), Avalanche (5.19), Tron (1.12%), Ethereum (4.04%), XRP (2.97%), Dogecoin (XRP (2.97%), and Polygon (4.41%). Almost 17% has been lost in the price of Bitcoin since its peak of $73,000.
According to a CoinDCX Research Team note, the cryptocurrency market is still falling and is choppy, with the BTC decreasing as a result of unfavourable ETF flows and subpar macro data from previous weeks. It further stated that BTC has dropped below the crucial $64k barrier with resistance at $67,100 and $71,650 and important support levels at $60,700 and $56,700.
Cryptocurrency Overview
For a clearer direction, Ethereum (ETH), which is trading sideways, has to break out of either the range high or low. The CoinDCX statement went on to say that $3435 and $3350 are significant support levels for ETH, while $3650 and $3950 are significant resistance levels.
The spike in BTC prices has been driven by robust ETF inflows into this cryptocurrency asset, notwithstanding the prevailing tendencies. Vice President of WazirX Rajagopal Menon commented on the current developments, stating that there have been significant inflows into Bitcoin exchange-traded funds (ETFs) throughout the last few weeks.
Roughly $2 billion was invested in the last week alone, bringing the total over the previous two and a half to three weeks to about $4 billion. This surge indicates a thriving interest in Bitcoin ET.
On the other hand, he cautions investors of using contradictory criteria in light of this apparent increase in investment. Other metrics, such as funding rates, have not demonstrated the same strong growth, despite the increase in open interest in futures contracts.
This disparity suggests at a complex interplay of market forces primarily driven by sophisticated trading strategies employed by hedge funds, Menon said.
Read More
Gracy Chen appointed as the new CEO of Bitget
A New Frontier: Bitcoin’s Impact on Higher Education Funding
Source
Times of India
