Cryptocurrencies had their second-worst weekly drop of 2024 as global investors cooled off their interests in Bitcoin exchange-traded funds (ETFs).
The top 100 cryptocurrencies slid 5 percent over the past week, the market’s worst decline since April, Bloomberg reported.
Bitcoin dropped below $63,000 on Monday, sliding to its lowest level since May. This comes as the crypto market continues to incur losses for the 6th consecutive day since last week due to massive confusion in US markets on whether the Federal Reserve would cut its key interest rate or not. Demand has dropped massively as a result as investors halt purchases and wait for clarity.
An expert said the current slump is marked by low volatility, soft volumes, and unbalanced order books when prices approach the edges of their range.
Ethereum (ETH) and Solana have had one of their worst ever devaluations so far. ETH is currently on its longest run of weekly declines since 2023 while Solana, once a global favorite among digital-asset hedge funds, is on its worst downward slump since 2022.
It bears mentioning that Bitcoin reached an all-time high of $73,798 in March but has underperformed compared to traditional assets such as stocks, bonds, and gold this quarter.
At the time of filing, the flagship cryptocurrency was down 3.14 percent and trading at $62,375
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