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Crypto markets bleed red as US government gridlock and Fed rate hike hopes fade. Bitcoin and altcoins plummet, rattled by Washington’s shutdown woes and the chilling prospect of a hawkish December decision from the Federal Reserve.
The market shook off its lockdown slumber and sprang to life this week, fueled by whispers of a forthcoming Fed rate cut.
Bitcoin, which fell to $80,000 on Friday, rose above $86,000, while altcoins also experienced small recoveries.
Last week witnessed a staggering $1.94 billion exodus from crypto investments, Coinshares revealed in their latest weekly report, leaving investors wondering if the bull run has hit a wall.
Crypto markets just witnessed a $1.94 billion exodus last week, compounding a $4.92 billion flight in the last month alone. The drain? A chilling reminder of the bear market of 2018.
Outflows Concentrate on Bitcoin and Ethereum!
When looking at individual crypto funds, it was seen that the majority of outflows were in Bitcoin.
While Bitcoin experienced an outflow of $1.26 billion, Ethereum (ETH) experienced an outflow of $589 million.
Solana blazes a trail, notching its second week of gains! Meanwhile, XRP dances to a different tune, buoyed by whispers and waves of ETF speculation.
XRP and Litecoin swam against the tide, attracting $89.3 million and $3.3 million respectively. Meanwhile, Solana sprung a leak, shedding a hefty $156.2 million, and Sui felt a minor sting with a $5 million outflow.
Bitcoin endured a week of bleeding, hemorrhaging a staggering $1.27 billion. Then, like a phoenix rising from the ashes, Friday delivered a jolt of hope with a massive $225 million surge back in.
After a staggering $589 million exodus, Ethereum caught a Friday lifeline, pulling in $57.5 million and hinting at a possible turnaround.
Solana saw $156 million in outflows, while XRP bucked the trend with $89.3 million in inflows last week.
When looking at regional fund inflows and outflows, the USA ranked first with an outflow of $1.68 billion.
Following the USA, Germany experienced an outflow of $118.2 million and Switzerland $79.7 million.
In the face of these outflows, Australia experienced a small inflow of $2 million and Brazil $3.5 million.
*This is not investment advice.
Thanks for reading Weekly Report Released for Bitcoin Ethereum and Altcoins! “Third Biggest Breakout Since 2018 But XRP Was the Star of the Week!”
