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Crypto News > Blog > News > the price fell due to historic money outflow | Crypto News
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the price fell due to historic money outflow | Crypto News

Crypto
Last updated: 2024/12/20 at 7:39 AM
Crypto Published December 20, 2024
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the price fell due to historic money outflow
 | Crypto News
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Bitcoin (BTC) exchange-traded funds (ETFs) in the United States recorded unprecedented capital outflows yesterday. They ended the day with withdrawals of 680 million dollars (USD).

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Political situation in the United States affects bitcoinCrypto Keynote USA

This new record of outputs in one day in these instruments exceeds the one it had until then by 25%which had been USD 541 million almost two months ago.

Yesterday’s negative performance of ETFs of bitcoin breaks the positive streak they were having. Precisely, they had 15 consecutive days of capital inflows, which contributed to the price of the currency remaining above USD 100,000.

With the outflows of the ETFs, which can be seen below, the price of bitcoin fell from such a level, a decline that worsened today. At the moment, it is around USD 93,000.

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Flow of inflows and outflows of bitcoin ETFs in the United States per day since their launch. Fountain: Sosovalue.

The price decrease can be seen in the following graph:

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Bitcoin price in the last week. Source: CoinGecko.

Political situation in the United States affects bitcoin

The United States House of Representatives rejection yesterday a temporary funding plan backed by President-elect Donald Trump and his advisor, Elon Musk. It pressured lawmakers to abandon an earlier bipartisan deal and add a provision waiving or raising the federal debt limit.

In addition to bitcoin, cryptocurrencies and the shares of the economic power reacted downward to the decision. With such a movement, there is less appetite for risk, caused by the low support in Congress for the president-elect.

In this sense, the markets, which were trending towards new all-time high prices since Trump won the elections, continue to appear sensitive to US policy.

Also, the Fed’s announcement that will go slowly with interest rate cutsnegatively impacts the price of bitcoin and other financial assets.

No less important was the statement by the president of that organization, Jerome Powell, who assured that they are not authorized to “store” bitcoin. Will Trump then be able to create his promised “strategic reserve in bitcoin”? Given the doubts, the price of BTC has gone down.

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Despite this, as CriptoNoticias reported, on-chain data from the analysis company Glassnode indicates that still this bullish cycle did not end of bitcoin. The argument behind it is that the proportion of bitcoin held by new investors is not yet at the highs seen at the end of each bull market.

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