Cryptocurrency prices continued to fall with Bitcoin falling below $32,000 level today as the largest cryptocurrency has been stuck in a range between about $30,000 and $40,000 for weeks after reaching its all-time high near $65,000.
As per CoinDesk data, Bitcoin was down nearly 4% to $31,858 whereas ether, the second largest crypto declined over 7% to trade below $2,000 level at $1,883. Dogecoin, on the other hand, also slipped over 7% to $0.18. Other digital coins like Cardano, Uniswap, XRP also plunged more than 6% over the last 24 hours.
Trading volumes at major cryptocurrency exchanges fell by more than 40% in June, research showed on Monday, with a regulatory crackdown in China and lower volatility among the factors depressing activity. Spot trading volumes fell 42.7% to $2.7 trillion, with derivative volumes down 40.7% to $3.2 trillion, London-based researcher CryptoCompare’s data showed.
Separately, cryptocurrency investment products and funds posted outflows to start the second half of the year, as cautious sentiment persisted in the midst of a summer lull, according to data from digital asset manager CoinShares.
Crypto outflows were $4 million in the week ended July 9, with bitcoin products showing the most outflows of nearly $7 million in what was the quietest trading week since October 2020. The outflows came after a two-week run of inflows, CoinShares said in its report.
Bitcoin showed net inflows of $4.2 billion so far this year. Ether, the token used in the Ethereum blockchain, posted a minor outflow of $800,000 the last week. So far this year, ether’s net inflows totaled $961 million.
(With inputs from agencies)
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