Bitcoin Hits Four-Month Low Near $62,000
Crypto market cap drops 4% in 24 hours amid institutional outflows and extreme fear
Bitcoin reached the $62,000 level this past Sunday. This marks the lowest point recorded by the digital currency since July.
The devaluation impacted the entire digital asset sector. The total market capitalization of cryptocurrencies fell 4% in a single day to reach $2.26 trillion.
Other major coins recorded sharp losses over the last week. Ether saw a 19.5% decline while Solana dropped 20.7% during the same period.
Investor sentiment worsened drastically as the fear and greed index hit 10 points. The market remains in a zone of extreme fear due to reduced liquidity.
Bitcoin exchange-traded funds in the United States accumulated net outflows of $2.35 billion over the last two weeks. BlackRock's fund recorded withdrawals for 11 consecutive trading sessions through last Friday.
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