
WASHINGTON (dpa-AFX) - Unabated flows from Bitcoin Spot ETF products in the U.S. dampened sentiment for cryptocurrencies, dragging market capitalization by more than 1.5 percent in the past 24 hours.
Data from Farside Investors showed a net outflow of $108 million on Thursday as compared with net outflows of $152 million on Tuesday and $146 million on Monday. Grayscale Bitcoin Trust ETF (GBTC) topped with net outflows of $53 million, followed by Fidelity Wise Origin Bitcoin Fund (FBTC) that witnessed net outflows of more than $51 million. iShares Bitcoin Trust (IBIT) however managed to record net inflows of $1.5 million. So far in the month of June, net outflows were recorded on 7 days whereas net inflows were recorded only on 6 days.
Bitcoin declined to trade between $66,451.77 and $64,330.72 in the past 24 hours. BTC is currently trading at $64,655.21 implying overnight losses of 1.8 percent and weekly losses of 3.4 percent.
The price movement for the original cryptocurrency comes amidst reports of Bitcoin miner reserves dropping to a multi-year year low as reducing margins force miners to sell Bitcoin.
Bearish sentiment for Ethereum also deepened, with the leading alternate coin trading between $3,623.89 and $3,485.46. ETH is currently trading at $3,511.41, implying overnight losses of 2.5 percent and weekly losses of 0.11 percent.
While Bitcoin has slipped 12 percent below its all-time high, Ethereum is trading 28 percent below its record peak. However, both the cryptocurrencies have added close to 53 percent in 2024.
4th ranked BNB (BNB) slipped 3 percent in the past 24 hours to trade at $586.75. The native token of the Binance.com cryptocurrency exchange is trading with weekly losses of 2.9 percent and year-to-date gains of 88 percent.
5th ranked Solana (SOL) slipped 3 percent in the past 24 hours and 10 percent in the past week to trade at $132.54.
7th ranked XRP (XRP) declined more than 1 percent overnight. With gains of more than 3 percent, XRP is the highest-ranking cryptocurrency to trade with gains on a weekly basis. However, with losses of close to 20 percent, XRP is also the highest-ranking cryptocurrency to trade with losses on a year-to-date basis.
Dogecoin (DOGE), ranked 8th overall has shed almost a percent in the past 24 hours to trade at $0.1244.
9th ranked Toncoin (TON) gained 1 percent overnight to trade at $7.30. TON is also the highest-ranking cryptocurrency to trade with gains on an overnight basis.
10th ranked Cardano (ADA) declined 1.2 percent overnight and 8 percent over the past week.
62nd ranked Core (CORE) topped overnight gains among the top 100 cryptocurrencies with a surge of more than 7 percent.
86th ranked LayerZero (ZRO) topped overnight losses among the top 100 cryptocurrencies with a decline of more than 22 percent.
Meanwhile, a FinCEN advisory on Thursday has warned that virtual currencies including Bitcoin, Ether, Monero as well as Tether are being used by transnational criminal organizations to purchase fentanyl precursor chemicals and manufacturing equipment. The advisory warns that virtual currency payments are often sent to persons affiliated with the suppliers or secondary money transmitters with hosted wallets at virtual asset service providers.
The Financial Crimes Enforcement Network, part of the U.S. Treasury is tasked with safeguarding the financial system from illicit use, combatting money laundering and its related crimes including terrorism, and promoting national security through the strategic use of financial authorities and the collection, analysis, and dissemination of financial intelligence. Amidst a nationwide opioid epidemic, FinCEN has urged vigilance in identifying potential suspicious activity in related areas.
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