In cryptocurrencies, Bitcoin prices today fell nearly 4% to $30,303.97 whereas ether, the second largest crypto declined 7% to $1,755. Other digital tokens like Cardano, XRP, Litecoin, Uniswap also plunged more than 5% over the last 24 hours.
Elon Musk, the self-proclaimed ‘Dogefather’ recently changed his profile picture on Twitter to a headshot with Doge reflecting in his sunglasses. The meme coin prices jumped as a result yesterday, however, failed to hold on to the gains today as it was trading over 5% lower at $0.16.
Bitcoin investment products and funds registered outflows for a second consecutive week, according to data from digital asset manager CoinShares released on Monday, highlighting investors’ cautious sentiment on the cryptocurrency sector as prices continued to stall, reported Reuters.
Bitcoin outflows hit $10.4 million in the week ended July 16, after outflows of $6.9 million the previous week. For the month of July, bitcoin outflows amounted to $15 million, though inflows for the year were still a robust $4.2 billion.
Ether-based investment products and funds, the token used for the Ethereum blockchain, had $11.7 million in net inflows last week. So far this year, ether inflows were close to $1 billion. The overall crypto sector had net inflows of $2.9 million in the latest week, data showed.
The world’s largest cryptocurrency has been stuck in a range between about $30,000 and $40,000 for months after reaching its all-time high near $65,000. Bitcoin has been hit by many setbacks of late, including China’s regulatory crackdown, partly over concerns about high energy consumption by crypto miners, and progress in central bank digital-currency projects that could squeeze private coins. Bitcoin’s price has roughly halved from a record high three months ago.
(With inputs from agencies)
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