Bitcoin Tests $60,000 Support as Crypto Market Faces Worst Sell-Off Since July 2024 Amid Inflation and Fed Rate Concerns
By
Blaze Trends Business Desk
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Summary
The cryptocurrency market is experiencing its worst sell-off since July 2024, driven by persistent global inflation and delayed Federal Reserve interest rate cuts. Institutional capital is rotating out of digital assets, with Bitcoin testing the critical $60,000 support level. Spot Bitcoin ETFs have recorded over 13 consecutive days of outflows, and the total crypto market cap has fallen to approximately $2.18 trillion. Ether has also followed the downward trend.
Key quotes
· 4 pulledPersistent global inflation and delayed interest rate cuts from the Federal Reserve are accelerating a widespread flight from digital assets.
The cryptocurrency sector is enduring its worst week of trading since July 2024, with the total market capitalization sinking to approximately $2.18 trillion as institutional capital rotates out of the blockchain ecosystem.
Spot Bitcoin exchange-traded funds have recorded over 13 consecutive days of outflows.
The selling pressure intensified as Bitcoin approaches $60,000, heavily testing the $60,000 to $62,000 support threshold.
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