Bitcoin Tests $100,000 After Fed Spurs Worst Drop Since September
1-Fed’s signal of fewer rate cuts sent a shudder across markets 2-Largest digital asset endured losses amid a rise in volatility
$BTC $BNB
Bitcoin fluctuated on either side of $100,000 as the Federal Reserve’s cautious outlook for interest-rate cuts hurt speculative investments.
The largest digital asset fell around 1% to $99,588 as of 10:37 a.m. in New York. It fell as low as $98,760 earlier in the day — about $10,000 shy of the record high set earlier this week — but retook the six-figure level before dropping again. Other crypto tokens such as Ether and meme-crowd favorite Dogecoin also struggled
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Bitcoin ETFs Experience Record $680 Million Single Day Outflow $BTC The 12 U.S. spot bitcoin ETFs recorded $680 million in outflows with the broader crypto market continuing to face a downturn.
Biggest Outflow Day for Bitcoin ETFs
The broader crypto market downturn finally caught up with exchange-traded funds (ETFs) with U.S. spot bitcoin ETFs registering a total net outflow of $680 million on Dec. 19. This marked the highest single day outflow for bitcoin ETFs and the first net outflow in 15 days.
Fidelity’s FBTC led the outflow with $208.55 million flowing out of its ETF. Both Grayscale’s BTC & GBTC registered outflows of $188.6 million and $87.86 million respectively, while Bitwise’s BITB closed out the top four outflows, shedding $43.61 million.
Despite the significant outflow, Wisdomtree’s BTCW still managed to pull in $2.05 million while Blackrock’s IBIT didn’t record any outflow/inflow.
Ethereum spot ETFs mirrored the outflow trend total with a total net outflow of $60.4677 million, ending an 18-day inflow streak. Grayscale’s ETHE and ETH funds led the way with respective outflows of $58.13 million and $3.18 million.
Bitwise’s ETHW contributed to the outflows with $6.78 million leaving the fund while Invesco’s QETH closed out the outflows with $2.36 million. It wasn’t all doom and gloom for Ethereum ETFs, as Fidelity’s FETH and Vaneck’s ETHV saw inflows of $5.05 million and $4.94 million each.
The outflows from bitcoin and ethereum ETFs could be a pointer to investors adopting a conservative approach in light of the recent market turbulence. However, the overall outlook for ETFs remain positive with investors likely to scale back in, once the market stabilizes.
BNB Surpasses 680 USDT with a Narrowed 0.17% Decrease in 24 Hours On Dec 10, 2024, 21:15 PM(UTC). According to Binance Market Data, BNB has crossed the 680 USDT benchmark and is now trading at 680.039978 USDT, with a narrowed narrowed 0.17% decrease in 24 hours.$BNB $BTC