Markets
Bitcoin slides below $68,000 as ETFs bleed $64 million and Asian stocks decline
It was a safe day in Asia.
Bitcoin, the leading cryptocurrency by market value, fell more than 2% to $67,900, extending the decline from recent highs near $72,000. Ether, the second largest coin, followed suit, falling below $3,550 at one point. The broader CoinDesk 20 index fell 1% to 2,370 points.
The losses follow $64.9 million in cumulative outputs of U.S.-listed Bitcoin exchange-traded funds (ETFs), the first loss since at least May 23, according to provisional data published by Farside Investors. Influxes have recently been significant, although market chatter is that they come from institutions’ growing interest in non-directional trading rather than purely bullish bets.
In traditional markets, Chinese stocks fell more than 1%, leading to losses on Asian stock indices amid lingering concerns over the property market and reports the Bank of Japan could reduce its bond purchases this week intended to increase liquidity.
The dollar index, which measures the greenback’s exchange rate against a basket of major fiat currencies, consolidated after two days of gains while prices of supposedly safe-haven U.S. Treasuries rose, pushing yields down. The yield on the benchmark 10-year bond fell three basis points to 4.45%, according to charting platform TradingView.
Recent gains by right-wing parties in the European elections and France’s announcement of a snap vote have renewed concerns about the cohesion of the European Union. add uncertainty in the market.
Meanwhile, Wednesday’s release of US CPI and the Fed’s rate decision kept investors on edge. Wednesday’s FOMC will see the central bank release its latest quarterly projections, including the interest rate dot plot.