From mid-May until now, Bitcoin has almost only fluctuated between 29,000-31,000 USD.
Other cryptocurrencies are also in a gloomy period.
In the context of a deep market decline, digital asset investors consider Bitcoin – the cryptocurrency with the longest history and largest market capitalization – as a haven because it is less risky than most other coins.
According to data from TradingView, Bitcoin currently accounts for more than 47% of the total cryptocurrency market capitalization.
Overall, crypto funds have seen around $100 million in capital inflows.
According to CoinDesk, the new money allocated to Bitcoin funds is enough to offset the losses of non-Bitcoin funds or alternative digital currencies (altcoins).
Some investors have reduced their investments in risky assets, including cryptocurrencies, as financial markets shake with persistently high inflation, many central banks around the world raise interest rates and
Ethereum funds continue to extend their negative streak, marking 9 consecutive weeks with no cash inflow.
In terms of geography, the cash flow in the market changed mainly from the Americas with 88 million USD last week.
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Created during the 2007-2009 financial crisis, Bitcoin was initially envisioned as a currency outside of government control.
Volatility is one of the key characteristics of the world’s largest cryptocurrency, but data from Coin Metrics shows that Bitcoin’s volatility has decreased over time.
Bitcoin – the cryptocurrency with the longest history and largest market capitalization, is considered less risky than most others.
Tom Dunleavy, senior research analyst at Messari, said that Bitcoin remains `heavily influenced by the macroeconomic environment`.
After seeing a recent increase in investor demand and trading volume, Fundstrat technical analyst Mark Newton suggested that Bitcoin may have found a near-term bottom, although monetary tightening will
But with recent job cuts at Coinbase, Gemini and Robinhood – major cryptocurrency exchanges – the digital asset industry appears to be preparing for the dreaded `winter`.
Tieu Gu (according to Yahoo Finance, CoinDesk)