Bitcoin Falls to 15-Week Low Amid Market Concerns
Bitcoin’s price dropped below $105,000 today, reaching a 15-week low. Traders reacted to worries about U.S. regional banks and tensions with China.
At the time of this report, Bitcoin (BTC) trades at $104,767. The cryptocurrency fell 5.37% in the last few hours and 13.95% over the week. Its market value stands at $2.1 trillion. Trading volume surged 59% to $114 billion as investors rushed to sell.
Bitcoin ETFs See Significant Outflows
Data from Farside Investors shows U.S. spot Bitcoin ETFs experienced over $530 million in outflows today. ARK Invest’s ARKB led with $275.2 million withdrawn. Fidelity’s FBTC followed with $132 million in redemptions.
Gold advocate Peter Schiff commented on the decline on X, stating, “Gold is more likely to hit $1 million than Bitcoin.” He added, “It’s not just a de-dollarization trade but a de-bitcoinization trade. Bitcoin has failed the test as a viable alternative to the U.S. dollar or digital gold.”
Market Liquidations and Gold’s Surge
Over $1.20 billion in crypto assets were liquidated due to the market drop. Coinglass data shows $898 million of this came from traders holding long positions.
Meanwhile, gold prices continue to rise. Gold hit a new record high of $4,380.79 per ounce, pushing its market cap to $30 trillion.
Bitcoin Price Chart | Source: CoinMarketCap
Total Liquidation in the last 24 hours | Source: Coinglass
