Hassan Maishera
TL;DR
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Bitcoin has lost more than 2% of its value over the last 24 hours and is now trading below $68k per coin.
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The poor performance comes as spot Bitcoin ETFs recorded a $64 million outflow on Monday.
ETF Outflow Resulted in BTC’s Dip
The cryptocurrency market is having a tough start to the week, with more than $100 billion shed from the market on Monday.
Bitcoin, the leading digital currency by market cap, lost more than 2% of its value on Monday, dropping below $68k for the first time this month. At press time, Bitcoin’s price stands at $67,869 per coin.
The poor performance comes as spot Bitcoin exchange-traded funds (ETFs) in the United States recorded a bad day in office on Monday. According to provisional data published by Farside Investors, US-listed spot Bitcoin ETFs recorded $64.9 million in cumulative outflows on Monday, the first loss since at least May 23.
Inflows have been strong in recent weeks, resulting in Bitcoin trading around the $70k psychological level. Investors will also be focusing their attention on Wednesday's FOMC, which will see the central bank publish its latest quarterly projections, including the interest rate projections.
With Bitcoin in the red, altcoins have also been underperforming so far this week. Ether, the largest altcoin by market cap, has lost more than 3% of its value and is now trading at $3,560 per coin.
With most of the coins currently underperforming, the total cryptocurrency market cap has dipped by 2.6%, losing $100 billion over the last 24 hours, and now stands at $2.47 trillion.
