Cryptocurrency investors are leaving the market, with net withdrawals totalling up to $423 million in the week ending June 24, the highest-ever weekly amount withdrawn, CoinShare, a digital asset manager, has revealed in a research.
The previous high for outflows was $198 million in January of this year.
The most recent exodus was primarily focused on Bitcoin, which experienced net selling for the week of $453 million, wiping out nearly all inflows year-to-date, and leaving the total assets under management (AUM) of Bitcoin at just $24.5 billion, the lowest since the start of 2021.
Following the US Federal Reserve’s decision to roll back stimulus measures from the pandemic era, cryptocurrency prices have fallen amid a bearish market. Currently, the price of Bitcoin is about $21,000, around 70 per cent below the all-time high of $69,044.77 it reached in November of last year.
In other news, crypto investing company CoinSwitch has appointed Ramesh Bafna as the chief financial officer in India, as the company evolves into a crypto-first wealth tech platform.
According to a press release, Bafna is a seasoned professional with over 18 years of experience. He has built a sustainable marketplace revenue model for e-commerce companies, such as Myntra and Flipkart, as well as led the finance work stream at IT services major Wipro.
“CoinSwitch is fast evolving and growing every day, and is well on track to be India’s one-stop wealth-tech platform. I am delighted that Ramesh Bafna is joining us, as we take the next big leap in our journey,” said Ashish Singhal, co-founder and CEO, CoinSwitch.
He said that Ramesh’s experience in solving problems at scale in high-growth companies will help them strengthen and expand CoinSwitch to serve the next billion people.
The price of Bitcoin in the cryptocurrency market fell by 1.91 per cent in the last 24 hours, and it was trading at $21,019.69 at 5:00 pm IST. According to Coinmarketcap.com, its dominance in the crypto market is currently at 42.45 per cent, down by 0.01 per cent in the last 24 hours.
Ethereum (ETH) was trading at $1,217.52, down by 1.10 per cent, while Binance Coin (BNB) was down by 0.79 per cent in the last 24 hours, and it was trading at $237.77. Solana (SOL) was down by 4.85 per cent to $38.79, while Cardano (ADA) was down 3.36 per cent to $0.4884.
Dogecoin was trading at $0.07154 at 5:45 pm IST, down by 7.48 per cent on Coinmarketcap.com. Its rival, Shiba Inu, was down by 5.14 per cent, and it was trading at $0.00001091. Samoyedcoin was down by 5.44 per cent, and it was trading at $0.007947, while Dogelon Mars was down by 5.93 per cent, and it was trading at $0.000000358.
According to Coinmarketcap.com, the global crypto market cap was at $944.86 billion, a decrease of 1.84 per cent in the last 24 hours, while the total crypto market volume was $59.92 billion, an increase of 11.47 per cent.