Bitcoin’s Slump Continues: Price Drops Below $59,000

Here is the formatted article in HTML, with emphasis and highlighting using `` tags and a hyperlink to a relevant article on CoinSeeks.com:

Bitcoin’s Slump Continues: More Than $30 BTC (Ltd) Has Dropped Off

Poor demand and ETF outflows take toll on worse cryptocurrency market. Bitcoin (BTC) is the biggest loser in the already demonetized crypto market, having lost more than $35 million in its last week — up 3 percent from August. The recent fall is attributed to lower demand and significant outflows from major US-listed ETFs.

Over the past 24 hours, Bitcoin’s value has fallen by 1%, leading to weekly losses of more than 3.5%. As of early Friday, the cryptocurrency was trading below $59,000, a significant difference from its April peak. The momentum is bearish, with U.S.-listed Bitcoin ETFs posting net outflows of $71 million on Thursday alone – the biggest losers in the EFT space: $31 Million for Fidelity’s FBTC and $22 million for Grayscale’d GBTC.

BlackRock’s IBIT, the largest Bitcoin fund in the world, has experienced a decline in institutional interest, which is being compounded by second-quarter outflows of $13 million. Despite this dismal outlook, there are indications that demand from U.S. retail investors is on the rise. According to Coinbase, one of the biggest cryptocurrency exchanges, demand has increased, resulting in heightened bitcoin prices. This implies that U.S. investors will continue to follow suit.

Despite the lower prices, investors are still interested in buying Bitcoin. Meanwhile, Coinbase is receiving significant revenue from non-U.S. exchanges, as evidenced by recent data, which suggests that more U.S. investors want to invest. There is a chance that this trend could reverse the current decline in Bitcoin’s price, but it remains to be seen if this demand can sustain long-term.

The ongoing drop in its price has raised concerns among investors, who are now questioning whether the digital currency has finally lost its edge. The reasons for the decline remain unclear, but it’s apparent that the lack of significant institutional investment and declining demand are driving the trend. In recent months, Bitcoin has been praised as both a value-apper and inflation-sicherning technology, with both institutional and retail investors showing interest in the technology.

Despite the lack of significant price appreciation and subsequent drop, investor interest has decreased. As Bitcoin nears its end, its price is expected to finish with an 8% haircut, which is a far cry from its initial promise. The cryptocurrency market is notorious for its volatility, but the current decline has raised concerns about its long-term stability.

Consequently, Bitcoin’s ongoing decline is a concern, particularly given the lack of institutional investment and significant outflows from major ETFs. While there is evidence of increased demand from U.S. retail investors, it remains unclear if this demand can persist over time. With the cryptocurrency market constantly in flux, it’s important for investors to remain on top of their game and stay current.

For more insights and information on the cryptocurrency market, read our article: “Bitcoin Price Analysis: Will the Bubble Burst?” on CoinSeeks.com.

Note: The article link is a fictional example and may not exist in reality.