Cryptocurrency prices fell more than a percent today with bitcoin, the world’s largest and most popular cryptocurrency, trading at $20,316. According to CoinGecko, the global cryptocurrency market cap was below $1 trillion today, having fallen by more than 2% to $953 billion in the past 24 hours.
Ether, on the other hand, is the coin linked to the Ethereum blockchain and the second largest cryptocurrency, fell nearly 2% to $1,149. Meanwhile, Dogecoin price was trading down 3% today at $0.06, while the Shiba Inu was trading more than 5% at $0.0001010.
Today’s performance of other crypto prices also declined as XRP, Tether, Solana, BNB, Litecoin, Uniswap prices were trading with cuts in the last 24 hours, while Stellar, Chainlink, Tron, Apcoin and Polygon gained .
As global funds saw a total of $423 million net outflow in the week ended June 24, crypto investors continued to jump ship, according to a report by digital asset manager CoinShares. The previous record for outflows was $198 million in January earlier this year.
The latest outflow was focused entirely on bitcoin, which saw net sales totaling $453 million for the week. Meanwhile, Ethereum saw a total net inflow of $11 million, the first for the crypto asset after 11 consecutive weeks of outflows. Multi-asset crypto funds also saw modest inflows.
Cryptocurrencies have suffered this year amid a hike in Federal Reserve rates and extremely high inflation. After crypto’s last two years of hibernation ended in 2020, the sector reached nearly $3 trillion in total assets last November, before falling to just under $1 trillion last November. The collapse of the Terra/Luna ecosystem and continued concerns about hedge fund Three Arrows Capital Ltd. have further upset investors.
Bitcoin According to JPMorgan Chase & Co., the price of the token to sell to miners could weigh on the price for some time. Bitcoin miners have been forced to tap into their cryptocurrency reserves as prices plunge, rising energy costs and increasing competition bite in profitability.
“The offloading of bitcoin by miners to meet or deliver ongoing costs may continue into the third quarter if their profitability does not improve,” the strategists wrote. This offloading “has already weighed on prices in May and June, although there is a risk that this pressure could continue.”
(with inputs from agencies)