Bitcoin (BTC-USD) prices extended their losses on Monday, putting the leading cryptocurrency on track for its third-worst week of 2024. Yahoo Finance's Ines Ferrรฉ analyzes current cryptocurrency market trends, delving into factors contributing to the downward pressure on bitcoin prices.
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This post was written by Angel Smith
Video Transcript
Bitcoin siding today, already heading for its third worst week of the year and to break down the currency's moves.
Yahoo Finance's very own ands.
Fay is here with more.
Hey, hey, Brad!
Yeah, and Bitcoin losses have been mounting, with the Cryptocurrency seeing a more than one a month low.
Now there's a couple of reasons why this could be happening first, the Japanese crypto exchange that was hacked more than 10 years ago Mount Gox well, that an exchange announced that it would start repayments of big coin and Bitcoin cash in July.
So the question is whether that will lead to a wave of selling by creditors and whether more Bitcoin will hit the market.
And the markets may also, by the way, be seeing investors preferring to put their money, perhaps to work in other asset classes, especially as we have seen tech outperform this month, sending the markets to new highs.
US.
Spot Bitcoins have seen six straight days of out lows, and this is coming after funds are preparing to launch ETF S investing directly in ether.
Now the level to watch for for Bitcoin right now down more than 5%.
Remember that it trades on a 24 7 basis.
But here is this level that we're watching.
It did hit near the 60,000 level earlier this morning.
Right now we're at 61 just above 61,000.
But if we take a look at a year to date chart, you are still seeing.
Bitcoin is up nearly 40% year to date because last year Bitcoin had ended just around the 43,000 level.
I just also want to point out what's been happening with crypto related stocks.
We are seeing pressure on these stocks today over a 10 day chart, You can see some of the pressure that they have been facing as Bitcoin has been selling off guys.
