Cryptocurrency Market Continues Downward Trajectory, Bitcoin Holds Key Support at $62k
Cryptocurrency Market Continues Downward Trend as Bitcoin Falls Below $63,000
The cryptocurrency market saw continued declines on Monday, with Bitcoin (BTC) struggling to hold key support levels. After briefly reaching close to $67,000, Bitcoin fell to a low near $62,380, marking a decrease of 3.44% on the 24-hour chart.
Stocks also trended lower on Monday, with all three major U.S. indices seeing declines. The S&P, Dow, and Nasdaq finished lower, down 0.62%, 0.65%, and 1.79%, respectively.
ETF flows turned negative last week, with digital asset investment products recording $126 million in outflows. Bitcoin saw the largest outflows of $110 million, but still retained positive month-to-date inflows of $555 million. Ethereum was hit the hardest, with $29 million in outflows.
Despite the overall market downturn, there was a glimmer of hope for hodlers as Hong Kong approved its first spot bitcoin and ether exchange-traded funds (ETFs). This move positions Hong Kong as the first jurisdiction in Asia to accept the two largest cryptocurrencies as mainstream investment tools.
In terms of altcoins, the majority of the top 100 altcoins declined in value on Monday as traders awaited fresh signals of a renewed uptrend for digital assets. Core DAO (CORE) led the gainers with an increase of 59.64%, while Starknet Token (STRK) led the losers with a decline of -8.64%.
The overall cryptocurrency market cap now stands at $2.32 trillion, with Bitcoin’s dominance rate at 53.66%. Despite the recent downturn, investors remain hopeful for a potential turnaround in the market.
