Crypto Market Suffers Amid Geopolitical Risks and Rate Hike Fears
Cryptocurrency prices declined over the past 24 hours as global markets continued to grapple with geopolitical risks and anxiety about AI-related expenses. The overall market capitalization fell by more than 1 percent, with only seven of the top 100 cryptocurrencies experiencing gains above 1 percent.
Bitcoin (BTC) traded between $65,760 and $64,611 during this period, while Ethereum (ETH) was down 2.3 percent at $1,880.89. Other major cryptocurrencies such as BNB, XRP, Solana (SOL), TRON (TRX), and Dogecoin (DOGE) also suffered losses.
The decline in cryptocurrency prices was partly attributed to outflows from U.S.-listed Bitcoin Spot ETF products, which saw net withdrawals of $225 million on Thursday. This comes as markets worry about a potential rate hike by the Federal Reserve, with expectations increasing for a quarter percent hike in July and September.