Bitcoin

Bitcoin:-The cryptocurrency price saw a selloff today, with Bitcoin falling 8% below the $34,000 level, while other digital currencies such as Ether and Dogecoin also declined over the past 24 hours.

According to data from CoinDesk, the bitcoin price was trading down 8% at $33,663.43. Ethereum is down 7% to $2,595, while Dogecoin is down almost 10% to trade at $0.33. Other cryptocurrencies like XRP, Litecoin is also down by more than 10% in the last 24 hours.

Bitcoin outflows reached $141 million in the week ending June 4, which is 8.3% of the net inflows seen this year. So far this year, bitcoin has shown a net inflow of $4.2 billion, according to data from digital currency manager CoinShares, released on Monday. The weekly trading volume of the digital asset product in bitcoin is down 62% compared to the previous month.

Data shows that the cryptocurrency sector faced a total outflow of $94.2 million last week. On the other hand, Ether, the token used for the Ethereum blockchain, continued to register inflows this week with $33 million.

Bitcoin funds and products posted record outflows last week as investors continued to watch the world’s largest cryptocurrency cautiously, which has halted its bullish momentum in recent months.

In other news, a large number of cryptocurrency-related accounts on China’s Twitter-like Weibo platform were blocked over the weekend as Beijing intensified its crackdown on bitcoin trading and mining.

Over the weekend, several of the widely followed crypto-related Weibo accounts were denied access with a message saying that each account “violates laws and regulations.” The Weibo freeze comes as Chinese media intensify reports against crypto trading. China’s central bank is ramping up testing of its own digital currency, accompanied by swift action.

By Alex Alena

Alex Alena has been the lead news writer at Cryptocurrency Updates. With a degree in communications, Matt has an uncanny ability to make the most complex subject matter easy to understand.