Bitcoin tumbles below $60,000 to start the week
undefined 25, 2024
Bitcoin fell below $60,000 on Monday, hitting its lowest since early May. Coin Metrics reported a 7% drop to $59,562.54, with the cryptocurrency briefly touching $59,021.42, down 19% from its March peak. CoinShares highlighted continued outflows from crypto investment products, citing post-FOMC meeting concerns over potential rate hikes. James Butterfill, CoinShares' head of research, noted market sensitivity to inflation data, suggesting a possible stabilization if upcoming reports hint at rate cuts. Eleanor Gaywood from Coincover highlighted market caution ahead of the Fed's inflation index release, anticipating clarity on rate policies to influence Bitcoin's price stability.
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