Bitcoin drops to $60,000 at the beginning of the week.

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Bitcoin has experienced a drop to $60,000 at the kickoff of the week. The leading cryptocurrency saw a significant descent, reaching a low point of $60,666.30, its lowest mark in over a month. According to Coin Metrics, the current price stands at $61,211.00, showing a decrease of over 4%. Over the past week, there has been an 8% decline in its value.

During the last two weeks, digital asset investment products have witnessed a total of $1.2 billion in outflows from crypto ETFs, following the FOMC meeting. James Butterfill, the head of research at a crypto-focused asset management firm, highlighted that concerns regarding the number of rate cuts have impacted sentiment in the crypto market. The market is closely monitoring indicators like the personal consumption expenditure index for insights into potential rate cuts in September.

Moreover, traders have been forced to execute long liquidations, leading to the sale of their assets at market prices to meet their obligations. Over the past 24 hours, centralized exchanges have recorded $97.83 million in long bitcoin liquidations, as reported by CoinGlass. The broader cryptocurrency market followed bitcoin’s downward trend, with Ether dropping 4%, Solana down by 3%, XRP slipping 1%, and dogecoin decreasing by nearly 5%.

In comparison, in the equities market, Coinbase retreated by almost 4%, MicroStrategy declined by more than 5%, and miners observed a collective decrease. Analysts had previously predicted bitcoin’s fall below $65,800, suggesting a return to the $60,000 mark due to a lack of positive momentum.

Throughout the month, bitcoin has shown a decline of close to 10%, having briefly touched $71,000 at the beginning of June before entering a period of steady decrease. Despite the recent setbacks, investors and analysts remain optimistic about bitcoin’s prospects for setting new records. Ryan Rasmussen, an analyst at Bitwise Asset Management, remains bullish on the long-term investment potential of bitcoin, underscoring the positive underlying factors supporting the cryptocurrency’s growth.

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