The price of Bitcoin plummeted below $68,000 – the entire market in the red
The price of Bitcoin fell to its lowest value since early June, with many other cryptocurrencies reflecting the downward movement.
Also, US spot BTC ETFs faced first net outflows after 19 trading days in the green
The drop in value came after it was revealed that on June 10, the 11 spot Bitcoin ETFs in the US had collectively experienced their initial month-to-date (MTD) drawdown since May, according to Farside Investors.
Grayscale Bitcoin Trust (GBTC) took the lead with outflows of $39.5 million, followed by Invesco Galaxy Bitcoin ETF (BTCO) with outflows equaling $20.5 million.
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The upside for Bitcoin if the US and Saudi Arabia drop their plans for the petrodollarAt the time of writing this article Bitcoin is trading at around $69,700, reflecting a 2.5% drop over the past 24 hours, and trading volume for the cryptocurrency has risen by 95% to 94%.
Also on June 11, the US Bureau of Labor Statistics is expected to release consumer price index (CPI) data for May.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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