Bitcoin and Ether Prices Drop as Outflows from Bitcoin ETFs and GameStop Shares Decline
- Bitcoin falls below $67,000, down 3.5% in 24 hours.
- Ethereum drops over 4% to $3,540, CD20 falls 3.4%.
- GameStop shares drop 12%, meme tokens follow suit.
- Cardano network to become fully decentralized in June.
- ADA token falls 3.4%, in line with CD20.
- Investors trade more put options for downside protection on Ether.
Summary :
Bitcoin and the broader digital market experienced a decline in prices, with Bitcoin falling below $67,000 and Ether dropping over 4% to $3,540. This drop follows $65 million in outflows from U.S.-listed spot Bitcoin ETFs, the first loss since May 23. The market speculation is that recent inflows are driven by institutions' interest in the non-directional basis trade rather than bullish bets. GameStop shares fell 12%, impacting meme tokens like GME, which slid 25%. Dog-themed tokens also saw losses. Cardano is set to transition into a decentralized blockchain ecosystem, with the network moving into its final phase later this month. Once complete, Cardano will be wholly run by community members. ADA, its native token, fell 3.4% in the last 24 hours. Investors have been trading put options for downside protection as Ether's price declined over 4.1% in 24 hours.
Sources :
- Coindesk