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 trading around 3% lower $33,245.7. Despite bitcoin’s struggles this year, the world’s most popular cryptocurrency is up about 14% in price in 2021.
Ether, second largest cryptocurrency by market capitalization and dogecoin declined over 5% each over the last 24 hours to $2,023 and $0.20 respectively. Ether has been floating just above its 200-day moving average in recent sessions, as the line appears to be offering support. Other digital coins like Cardano, XRP, Uniswap were also trading lower.
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 released on Monday.
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.
Data showed that hash-rate, a gauge of mining activity, has recovered from the peak-to-trough decline of 55% to just a 39% fall. If this holds, Glassnode said this would suggest that about a hash power equivalent of roughly 29% has come back online.
(With inputs from agencies)
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