(Kitco News) – The cryptocurrency market continued its downward trajectory on Monday after posting a dramatic decline late last week and into the weekend.
Bitcoin (BTC) Managed to maintain key support around $62,000 over the weekend, but the bulls ran out of steam and turned bearish after they managed to push King Crypto close to $67,000 by 6 a.m. EDT. The group regained control of price action and pushed Bitcoin to lows. Around $62,380 just after 3 p.m. EDT.
BTC/USD Charts by TradingView
At the time of writing, Bitcoin is trading at $63,514.73, down 3.44% on the 24-hour chart.
Stocks also trended lower on Monday, with all three major U.S. indexes falling broadly. At the closing bell, the S&P, Dow, and Nasdaq closed lower, down 0.62%, 0.65%, and 1.79%, respectively.
ETF flows turn negative, but Hong Kong approval should provide boost
Recent disastrous price trends have driven ETF flows into net negative territory due to digital asset investment products Last week saw $126 million in outflows This is because investors have become more hesitant.
By region, the United States accounted for the largest outflow of $145 million, followed by Canada and Switzerland with $6 million and $5.7 million, respectively.
In terms of assets, Bitcoin accounted for the majority of outflows at $110 million, while BTC still maintained positive inflows since the beginning of the month at $555 million. “Short Bitcoin broke its three-week outflow with modest inflows of US$1.7 million, likely capitalizing on recent price declines,” said James Butterfill, head of research at CoinShares. he pointed out.
Relatively speaking, Ethereum has been hit the hardest, with $29 million in outflows from ETH funds last week, the fifth consecutive week of outflows.
One development that gives Hodler hope is Monday's announcement that: Hong Kong approves first spot Bitcoin and Ether exchange traded fund (ETF).
The move establishes Hong Kong as the first jurisdiction in Asia to accept the two major cryptocurrencies as mainstream investment tools, with at least three Chinese offshore asset managers planning to spot BTC and ETH in the near future. We are planning to launch an ETF.
The Hong Kong Securities and Futures Commission (SFC) will grant conditional approval if the ETF application generally meets its requirements, subject to various conditions such as payment of fees, submission of documents, and Hong Kong Stock Exchange (HKEX). announced that it would publish a book. List approval. The regulator did not comment on the details of the crypto asset spot ETF.
Altcoins fall when momentum stalls
The vast majority of the top 100 altcoins fell in value on Monday as traders exited the crypto market awaiting new signals of a new uptrend in the digital asset.
Daily cryptocurrency market performance. Source: Coin360
Core DAO (CORE) led the gainers with a rise of 59.64% on the 24-hour chart, followed by Bitcoin BEP2 (BTCB) with a rise of 28.84% and OKB (OKB) with a rise of 12.37%. Starknet Token (STRK) led the losers with a -8.64% decline, followed by Bittensor (TAO) with his 8.09% decline and Ethena (ENA) with a -7.57% decline.
Currently, the total market capitalization of virtual currencies is $2.32 trillion, with Bitcoin controlling 53.66%.
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