Ethereum also declined 3% to trade at $2,061 mark. Among the major altcoins, BNB, XRP, Solana, Tron, Dogecoin, Hyperliquid and Cardano corrected upto 4.75%. The global crypto market capitalisation edged down 2.31% to $2.52 trillion, according to CoinMarketCap.
Also Read | Planning SIPs for a car or house in 10 years? Experts recommend diversified equity funds for long-term goals WazirX Market’s Desk said Bitcoin and Ethereum remained under pressure this week as global macroeconomic concerns continued to dominate market sentiment, both recording weekly declines amid rising Treasury yields, persistent inflation concerns, and elevated oil prices driven by geopolitical tensions in the Middle East.The broader risk-off environment weighed heavily on crypto investment products, which recorded net weekly outflows of over $1.07 billion and Bitcoin funds accounted for the majority of withdrawals, while Ether products also posted significant redemptions, ending a six-week streak of inflows, WazirX Market’s Desk further said.
In the past week, Bitcoin and Ethereum were down 4.31% and 7.15% respectively. Among the major altcoins, BNB, XRP, Solana, Dogecoin, Cardano slipped upto 6.09% whereas Tron and Hyperliquid gained 3.02% and 31.46% respectively.Piyush Walke, Derivatives Research Analyst, Delta Exchange said Bitcoin showed a second consecutive weekly loss, as easing U.S.-Iran tensions failed to revive sentiment in the crypto market. Continued outflows from Bitcoin ETFs and profit-booking after a U.S. Senate crypto bill breakthrough kept pressure on digital assets. Also Read | Time to buy rupee assets? DSP Mutual Fund lists 5 reasons favouring Indian equities and bonds Bitcoin’s decline also triggered fresh liquidations in leveraged positions, with over $400 million wiped out from the crypto market in the past 24 hours and going forward, crypto markets are expected to remain highly sensitive to U.S. inflation data, Fed rate expectations, ETF flows, and geopolitical developments, Walke said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
