Markets
Bitcoin Falls Below $64,000 After $900 Million in ETF Outflows
Bearish sentiment became more pronounced in the cryptocurrency market early Monday after defunct cryptocurrency exchange Mt. Gox, which is expected to return over 140,000 BTC to victims of a 2014 hack, said it will begin refunds next month. Bitcoin slipped to $60,723, at one point recording a loss of more than 5% on a 24-hour basis. Ether and the broader market followed suit, with the CoinDesk 20 Index (CD20) falling more than 5%. Overall, bitcoin’s recent pullback from over $70,000 has taken the form of a double top bearish reversal pattern. However, spot and futures volumes in the bitcoin and ether markets on centralized exchanges have been significantly weaker since record highs in March, according to FalconX. This is a sign of lower investor participation or conviction in the selling action, often a feature of a “bear trap.”