No Bitcoin Recovery Soon? Net Outlows Breach $698 Mln

Ashish Kumar
June 4, 2022
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
crypto crash

The Bitcoin (BTC) again dropped below the crucial price level of $30k. Recently, BTC went on to touch the $32K price level. However, experts called it bear fakeout and mentioned not to fall for it. Meanwhile, the pundits have suggested that this bear market condition can continue further.

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Fed Rate hikes wallop BTC

Last month proved horrific for the global cryptocurrency market. The world’s largest cryptocurrency’s price dropped by around 30% in May. BTC’s dominance has come down to stand at 46%. Mike Mcglone, senior commodity strategist at Bloomberg Intelligence, informed that Bitcoin is standing at an inflection point. This reflects that the token has come to a point where the curve might change to result in a sloping down or upward position.

He mentioned that Federal Reserve fighting inflation is a primary headwind for the Bitcoin and digital asset market at the start of June. As per reports, the Federal Reserve is looking to maintain the hardening monetary police. Lael Brainard, vice chair of Fed, said that from the data it looks like “market pricing for 50 basis points potentially in June and July”. BTC’s prices are down by over 2% in the last 24 hours.

Brainard added that the Fed will likely raise rates. However, the hike will be less than expected. The US inflation rate is recorded highest in the last 40 years.

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BTC might slump more

A crypto expert suggested that this Bitcoin down trend may continue ahead. He pointed out that market may consolidate in this range before dropping down eventually. He proposed the BTC might drop to the range of $22K to $24K price range. However, it will hover around the price support price zone before crashing.

Bitcoin is trading at an average price of $29,700, at the press time. As per Glassnode, around $1.3 billion has been flown out of Bitcoin. However, the net outflow stands at $698 million. Meanwhile, the global crypto market is also down by around 2% over the past day. It stands at $1.23 trillion.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.