Crypto suffers second-worst weekly drop of 2024

News Image

By MG News | June 24, 2024 at 10:36 AM GMT+05:00

0:00

June 24, 2024 (MLN): Losses are piling up in crypto after the digital-asset market’s second-worst weekly drop of 2024, a reflection of cooling demand for Bitcoin exchange-traded funds and uncertainty over monetary policy, as Bloomberg reported.

A gauge of the largest 100 digital assets fell about 5% in the seven days through Sunday, the worst such decline since April, data compiled by Bloomberg show.

Market leader Bitcoin slid below $63,000 on Monday to a more than one-month low, hurt by a six-day streak of outflows from US ETFs for the token.

The cracks in crypto come amid doubts about the Federal Reserve’s scope to cut interest rates quickly from a two-decade high. For some analysts, the retreat in digital assets is a warning sign for broader risk appetite.

The current crypto market dynamic is “characterized by low volatility, soft volumes, and orderbooks getting unbalanced when prices start to move to the edges of their range,” David Lawant, research head at FalconX, wrote in a note.

The drops in some corners are particularly notable: the run of weekly declines for Ether and Solana are the longest since last year and 2022 respectively.

That’s even as fund companies prepare to launch the first US ETFs investing directly in Ether, the second-ranked cryptoasset. Solana, meanwhile, was very recently a favorite for a variety of digital-asset hedge funds.

Bitcoin hit a record of $73,798 in March and but is trailing traditional assets such stocks, bonds, and gold this quarter.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 131,176.40
73.64M
0.37%
489.75
ALLSHR 81,639.81
346.18M
0.41%
334.56
KSE30 40,111.55
31.92M
0.42%
166.10
KMI30 191,132.18
37.36M
0.23%
434.13
KMIALLSHR 55,131.55
169.19M
0.10%
57.39
BKTi 35,005.42
6.16M
1.26%
437.02
OGTi 28,583.18
2.85M
-0.54%
-156.17
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 109,200.00 110,525.00
109,185.00
-1215.00
-1.10%
BRENT CRUDE 68.53 68.89
68.37
-0.27
-0.39%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.75
0.78%
ROTTERDAM COAL MONTHLY 108.45 0.00
0.00
0.25
0.23%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.82 67.18
66.69
-0.18
-0.27%
SUGAR #11 WORLD 16.37 16.40
15.44
0.79
5.07%

Chart of the Day


Latest News
July 04, 2025 at 12:48 PM GMT+05:00

Weekly inflation rises 0.73%


July 04, 2025 at 12:46 PM GMT+05:00

Bilal Fibres reports suspension of operations


July 04, 2025 at 12:24 PM GMT+05:00

SECP invites public feedback on share issue reforms


July 04, 2025 at 12:12 PM GMT+05:00

Pakistan produces 12m mobile phones in first half of 2025


July 04, 2025 at 11:24 AM GMT+05:00

Pakistan calls for credit rating reform at UN FFD4 summit



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg