Cryptocurrency

Bitcoin price falls to $63k due to regulations and outflows from ETF.

Cryptocurrency Rollercoaster: Bitcoin Price Drops Amid Regulatory Woes

Bitcoin Price in Decline

Sentiment towards cryptocurrencies continues to be bleak as the price of Bitcoin fell by 1% in the last 24 hours to $63,558.2 by 01:52 ET (05:52 GMT).

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Concerns Over Stablecoin Transactions

A recent report revealed that less than 10% of stablecoin transactions are authentic, casting doubt on the actual demand for cryptocurrencies. This raised questions about the reliability of stablecoin operators and their market capitalization.

Regulatory Troubles for Robinhood Markets

Trading platform Robinhood Markets Inc (NASDAQ:) faces regulatory scrutiny from the SEC over its crypto tokens. This comes amidst the SEC’s delay in deciding on ETFs, adding to the negative sentiment towards the crypto market.

Bitcoin ETF Outflows Continue

Data from CoinShares shows a consistent outflow of capital from crypto investment products for the third consecutive week, with Bitcoin products experiencing the majority of outflows. This trend indicates a prevailing negative sentiment in the market.

Ethereum Price Drops Amid SEC Postponement

Ethereum’s price sank by 3.4% to $3,069.52 after the SEC postponed its decision on approving spot ETFs for the altcoin. Speculation looms over the SEC’s ongoing investigation into Ethereum’s security status and its potential rejection of spot ETF applications.

Market Speculation and Mixed Moves

As uncertainties regarding U.S. interest rate cuts persist, other altcoins like and showed varied price changes, with rising by 0.3% and by 3.8%.

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