Ongoing trade wars, particularly with China, are causing bearish sentiment in the market, affecting both stocks and crypto assets like Bitcoin.
Outflows from Bitcoin ETFs
This week, Bitcoin ETFs experienced significant outflows. Over $500 million was withdrawn on Monday, followed by a record $11 billion on Tuesday, and another $754 million on Wednesday. This particularly affected BlackRock's Bitcoin ETF, leading to the largest single-day Bitcoin sale.
Impact on Bitcoin and Other Cryptos
Bitcoin's price has dropped below $80,000, with many altcoins following suit. XRP has decreased by more than 9% and is nearing the $2 mark. Over the last 24 hours, XRP confirmed a daily candle close below the crucial support zone between $2.25 and $2.30.
Stock Market Impact and Expert Predictions
XRP's price action tends to mirror Bitcoin and the broader stock market, both showing weakness. "If the price drops below $1.95, it could signal further significant losses for XRP," noted Crypto World analyst.
The current market situation indicates a bearish trend in the near future. Observing the dynamics of the stock and crypto markets is crucial.
