Bitcoin fell slightly. The overall market value of digital assets has recently shrunk by US$500 billion, raising questions about whether the rebound in cryptocurrency has peaked.
Bitcoin is headed for a fifth consecutive session of losses. It would be its longest losing streak since October last year.
Data shows that since Bitcoin hit a record high of $73,798 in mid-March, the overall cryptocurrency market size has fallen by 17% to $2.4 trillion.
The lack of fund inflows into U.S. spot Bitcoin exchange-traded funds (ETFs), 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 Hong Kong’s first cryptocurrency ETFs last week also failed to boost market sentiment.
After the U.S. Bitcoin ETF came out in January, it received 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 now stand at $11.8 billion.
Many speculators who bet that funds will continue to flow strongly into ETFs are being washed out by the market. Benjamin Celermajer, director of digital asset investment management company Magnet Capital, said.
But he added that the bull market is not over yet and Bitcoin will reach new highs this year.
At 07:10 London time on Thursday, Bitcoin was basically flat at $61,660; Ethereum rose 2% to $3,009.
Bitcoin heads for longest losing streak since 2024, casting shadow over cryptocurrency market
Bitcoin fell slightly, and the overall market value of digital assets has recently shrunk by US$500 billion, raising questions about whether the rebound in cryptocurrency has peaked.
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