FILE PHOTO: A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration (REUTERS)

Cryptocurrencies prices witnessed a sell-off today with Bitcoin falling 8% to trade below the $34,000 level while other digital coins like ether and dogecoin also plunged in the last 24 hours.

As per CoinDesk data, Bitcoin price was trading at $33,663.43, down 8%. Ethereum declined 7% to $2,595 while Dogecoin tumbled around 10% trading at $0.33. Other cryptocurrencies like XRP, Litecoin also fell more than 10% in the last 24 hours.

Bitcoin outflows hit $141 million in the week ending June 4, representing 8.3% of the net inflows seen this year. For the year so far, bitcoin still showed net inflows of $4.2 billion, according to digital currency manager CoinShares data released on Monday. Digital asset product weekly trading volume on bitcoin has fallen 62% compared with last month.

The cryptocurrency sector overall suffered outflows of $94.2 million last week, the data showed. On the other hand, Ether, the token used for the Ethereum blockchain, continued to see inflows, with $33 million this week.

Bitcoin funds and products posted record outflows last week as investors continued to cast a cautious eye on the world’s largest cryptocurrency, which has seen its upward momentum stall in the last few months.

In another news, a slew of crypto-related accounts in China’s Twitter-like Weibo platform were blocked over the weekend, as Beijing stepped up a crackdown on bitcoin trading and mining.

Over the weekend, access to several of widely followed crypto-related Weibo accounts was denied, with a message saying each account “violates laws and rules.” The Weibo freeze comes as Chinese media have stepped up reporting against crypto trading. The stepped-up crackdown also comes as China’s central bank is accelerating testing of its own digital currency.

(With inputs from agencies)

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(Excerpt) Read more Here | 2021-06-07 19:39:08
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