Bitcoin is headed for its longest losing streak since 2024
2024-05-09 08:00:06
Bitcoin edged lower, and the overall market value of digital assets has recently shrunk by $500 billion, raising questions about whether the rally in cryptocurrencies has peaked. Bitcoin is heading for its fifth consecutive day of decline, which would be its longest losing streak since October. Data show that since Bitcoin hit a record high of $73,798 in mid-March, the overall size of the cryptocurrency market has fallen by 17% to $2.40 trillion. The lack of stamina in the inflow of funds into the US spot Bitcoin exchange-traded fund (ETF), combined with the prospect of the Federal Reserve maintaining high interest rates for a long time, has hit the digital asset market. The launch of the US Bitcoin ETF in January saw a large influx of funds and pushed the price of Bitcoin to a record high. After net outflows of $169 million so far this month, overall net inflows are now $11.80 billion.
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