$BTC #WhiteHouseCryptoSummit
$BTC dropped below $80,000 on Monday, hitting $77,459 before slightly recovering to $79,085. The drop marks a 14% decline over the past week, with Ethereum also plunging to $1,810, its lowest since November 2023. Other major cryptocurrencies faced sharp losses, with Solana down 9% to $121, Cardano falling 10% to $0.69, and Dogecoin losing 13% to trade at $0.16.
The sell-off comes amid broader financial market declines. The Nasdaq fell over 3%, and the S&P 500 dropped 1.8% as traders reacted to economic uncertainty. Investors are bracing for upcoming inflation reports, including the Producer Price Index and Consumer Price Index, which could indicate whether inflation remains a concern.
Crypto markets have been under pressure for weeks, with institutional investors cutting exposure to digital assets for the fourth consecutive week. Digital asset investment products saw $876 million in outflows last week, bringing the four-week total to $4.75 billion. Bitcoin alone accounted for $756 million in outflows, bringing the total assets under management (AUM) in digital funds down to $142 billion, the lowest since mid-November 2024.
