Bitcoin Price Falls Amid China Crackdown

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Bitcoin investment products and funds posted their sixth consecutive week of outflows, according to data on Monday from digital asset manager CoinShares as a crackdown in China spooked investors.

Last week, bitcoin outflows totaled $89 million. For the year, bitcoin outflows hit $487 million, or 1.6% of assets under management, data showed.

The crypto sector as a whole saw a third consecutive week of outflows amounting to $79 million last week in what is now the longest bear run in outflows since February 2018, CoinShares said. For the month of June, net outflows hit $210.5 million.

“Bitcoin’s six-week run of outflows has been driven by the combination of environmental concerns and an increasingly antagonistic regulatory environment in China,” said Matt Weller, global head of market research at Forex.com

“With these themes still in effect and prices subdued, it may be a while before we start to see another period of sustained fund inflows,” he added.

Bitcoin on Monday hit a two-week low of $31,700, undermined by China’s expanding crackdown on bitcoin mining. Authorities in the southwest province of Sichuan ordered cryptocurrency mining projects closed in the major mining center.

Read more at NEWSMAX

{Matzav.com}

4 COMMENTS

  1. “Investing” in Bitcoin is worse than anything Bernie Madoff ever did. The Bitcoin hoax is fueled by arrogance and greed. I hope every idiot that “bought” Bitcoin loses every penny they invested. Yes, I know there were heimishe financial experts that suckered gullible idiots into buying Bitcoin and the other crypto myths. Too bad. I truly hope they lose their shirts. There should be a price to pay for being so arrogant and stupid.

    • 7:22, please explain how is a fiat currency different from Bitcoin, especially when a government just keeps the printing press working non-stop and keeps on borrowing to such a level that they will never be able to raise enough tax proceeds to pay off their loans. The US completely abandoned the gold standard in 1976, and the US dollar kept its high reputation due to inertia and due to every other major currency going fiat, but it can not go on indefinitely with all the budget deficits and inflation. So, a contemporary dollar is not much better than a Bitcoin. At least, there is a finite amount of Bitcoin that can be mined, while $trillions were basically printed out of thin air in the last year alone.

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