EddieJayonCrypto

 17 Jun 24

tl;dr

The crypto markets experienced outflows, particularly in Bitcoin investment products, totaling $621 million last week due to a hawkish stance on interest rate cuts by the Federal Open Market Committee (FOMC). This was the largest figure since March 22. Grayscale's GBTC saw the worst impact with $273...

Altcoins saw minor inflows, but Bitcoin investment products experienced $621 million outflows following the FOMC's hawkish stance on interest rate cuts. U.S. inflation data exceeded expectations, yet Bitcoin plummeted to a four-week low as the FOMC maintained its benchmark rate range, impacting the broader digital asset market.

The crypto markets witnessed substantial outflows, primarily in Bitcoin investment products, totaling $621 million last week due to the FOMC's hawkish stance on interest rate cuts. This marked the largest outflow since March 22, with Grayscale's GBTC being the most impacted, recording $273 million in outflows. In contrast, altcoins such as ETH, LIDO, and XRP experienced minor inflows.

The FOMC's decision to hold its benchmark rate range led to Bitcoin's decline to $65,100, its lowest point in four weeks, despite U.S. inflation data for May meeting expectations. At the time of reporting, BTC was trading flat at $66,000, with the CoinDesk 20 Index (CD20) down by 1.75%.

Furthermore, the broader digital asset ecosystem saw a net outflow of $600 million, primarily driven by Bitcoin's losses. This reflects a shift from altcoins to Bitcoin investment products and marked the largest outflow since March 22. U.S. inflation data for May, measured by the Consumer Price Index (CPI), matched expectations, but the FOMC's economic outlook, forecasting just one 25 basis point rate cut this year, negatively impacted Bitcoin.

The FOMC's hawkish stance and Bitcoin's subsequent decline to a four-week low at $65,100 had ripple effects in the broader digital asset market, with the CoinDesk 20 Index (CD20) showing a 1.75% decrease. These events highlight the intricate interplay between macroeconomic decisions and the digital asset market's volatility.

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Sector: Technology

Industry: General

Support Level: None

Resistance Level: None

RSI: 0

Moving Average: 0

Bollinger Bands: 0

Breakout: None

Pattern: 0

Trend: 0

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Sector: Operative Builders

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Argo Blockchain PLC ADR Technical Analysis Summary

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