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Bitcoin ETFs Lose $1.2 Billion in 8 Days
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Arabic and international
Economy News - Follow-up
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Added 2024/09/10 - 9:05 PM
https://economy-news.net/content.php?id=47449
Bitcoin logo
Arabic and international
Economy News - Follow-up
Bitcoin exchange-traded funds saw their longest outflows last week since their debut in January, reaching $1.2 billion, as investors digested signs of a slowing U.S. economy.
This is the longest daily withdrawal period for investments since they began trading this year, as part of a broader trend in financial markets towards withdrawing from riskier assets.
These funds, 12 in number, lost about $1.2 billion in the eight days leading up to September 6. These losses came amid a difficult period for stock and commodity markets due to fears of a slowdown in economic growth.
Financial markets have been hit by a combination of weak US jobs data and falling inflation in China. The uncertainty is affecting the cryptocurrency market, whose volatility has become closely linked to stock market movements due to the short-term correlation between the two.
The world's largest cryptocurrency, Bitcoin, has lost about 7% of its value since the beginning of this month. But it ended last week's trading on Friday, then began Monday's trading in New York with slight gains, rising by 2.4% until it fell today to $56,700.05 per unit.
136 views
Added 2024/09/10 - 9:05 PM
https://economy-news.net/content.php?id=47449
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