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Risk-off mood triggers notable outflows from Crypto ETFs
Bitcoin took an 8% plunge on Friday to trade below $39,000 for the first time since August.
By Rony Abboud
0
- Cryptocurrencies
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Bitcoin took an 8% plunge on Friday to trade below $39,000 for the first time since August, as investors activate risk-off mode with some of the riskier assets this year. Ether and Binance Coin, the second and third largest cryptocurrencies behind Bitcoin respectively, suffered similar losses. The total cryptocurrency market cap fell to $1.84 trillion after hitting a record high of $3.0 trillion in early November 2021. About $147 billion was wiped off the entire cryptocurrency market in the past 24 hours, according to Coinmarketcap.com.
Meanwhile, the central bank of Russia proposed banning the mining, creation, and use of cryptocurrencies, in a report, released Thursday. The central bank said the proliferation of cryptocurrencies poses a threat to the nation's financial system and the stability of the national currency (Rubble). Russia is the third nation to crack down on cryptocurrencies over the last year, following China and Kazakhstan.
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Crypto ETFs investors drew over $186 million from the funds this year, out of which 70% belong to Bitcoin funds. The apple didn't fall far from the tree, as crypto fund performance — closely mimicked their underlying assets — falling by an average double-digit percentage point year-to-date.
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