Cryptocurrencies experienced their second-worst weekly drop of 2024, driven by diminished interest in Bitcoin exchange-traded funds (ETFs). The top 100 cryptocurrencies fell by 5 percent over the past week, marking the market’s steepest decline since April. Bitcoin’s price dropped below $63,000 on Monday, reaching its lowest point since May.

The crypto market has been declining for six consecutive days, largely due to uncertainty about potential Federal Reserve interest rate cuts. Investor demand has plummeted as many hold off on purchases, awaiting clearer signals from the Federal Reserve. The current market slump is characterized by low volatility, soft trading volumes, and unbalanced order books at price range boundaries.

Ethereum (ETH) and Solana have experienced significant devaluations. ETH is on its longest weekly decline streak since 2023, while Solana is undergoing its worst downturn since 2022, despite previously being a favorite among digital-asset hedge funds. Bitcoin, which hit an all-time high of $73,798 in March, has underperformed compared to traditional assets like stocks, bonds, and gold this quarter. As of the latest report, Bitcoin was down 3.14 percent and trading at $62,375.

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