look news india
Mumbai: US bitcoin exchange traded funds (ETFs) saw withdrawals of $1.20 billion in the eight days ended September 6. Investors have withdrawn money from a total of 12 ETFs.
Amid the uncertain environment of economic growth in the US, the impact of volatility in the stock market and commodity market is also being seen on risky assets like crypto.
The situation in global markets is also challenging at this time. Mixed jobs data in the US, as well as slowdown pressure in China, have dampened the enthusiasm of traders.
The cryptocurrency market is also dependent on the movements of the global equity markets. Bitcoin has declined by about seven percent in the current month. Late Monday evening, the price of Bitcoin was reported to be $55,027. The price of Ethereum was fixed at $2317.
The global market capitalization of cryptocurrencies fell to $1.95 trillion. At the end of last week, the price of bitcoin slipped below $53,000. Bitcoin ETFs were launched in the US in January this year. These ETFs invest directly in bitcoin. In March, the price of bitcoin was seen up to $73798.