The Crypto Market Takes a Hit as Bitcoin Falls Below $58,500
The crypto market experienced a significant decline over the weekend, with Bitcoin leading the downward trend.
As of this Monday morning, BTC was trading slightly below $58,500, marking a 5% drop in the past 24 hours. The entire crypto market saw a similar decline, while Ethereum showed slightly more strength by only retreating 4%.
ETF Outflows and Altcoin Performance
Last Friday, both the Bitcoin and Ethereum ETFs experienced capital outflows. The BTC ETFs lost $89 million, while the Ethereum ETFs faced withdrawals of $15.7 million.
The altcoins were also affected by this selling wave. Among the hardest hit were Toncoin and Solana, each plummeting 8% after their strong performances in recent days.
Upcoming Economic Events
Events in the traditional markets often influence cryptocurrency prices by revealing consumer behavior and the overall state of the economy. Favorable economic results tend to drive up the prices of risky assets like tech stocks or crypto, while disappointing results lead investors to seek safer options.
The coming week will see several important economic publications. On Wednesday, the UK and the US will release their Consumer Price Index (CPI) for the month of July. Additionally, Australia’s Consumer Confidence, which measures sentiment on household finances, and Japan’s Producer Price Index (PPI), an indicator of price developments for traded goods in the corporate sector, will be published on Tuesday.
Later in the week, retail giants Alibaba Group and Walmart will announce their financial earnings on Thursday, while Hong Kong and Taiwan will update their Gross Domestic Product (GDP) data on Friday.
