Losses are piling up in the crypto market after its second-worst weekly decline of 2024, a reflection of cooling demand for Bitcoin exchange-traded funds and uncertainty over monetary policy.
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A gauge of the largest 100 digital assets fell about five per cent in the seven days through Sunday, the steepest such slide since April, data compiled by Bloomberg show. Bitcoin shed four per cent to trade at US$61,153 as of 11:44 a.m. Monday in London, a more than one-month low. The leading token by market value has been buffeted by a six-day streak of outflows from dedicated U.S. ETFs.
Adding to fears of increased selling pressure, the rehabilitation trustee of Mt. Gox — the Japanese crypto exchange that was hacked more than a decade ago — announced that it would start repayments of Bitcoin and Bitcoin Cash in July.
