The fall of the first cryptocurrency was the highest in the last two months.
At the start of the American session on Monday, bitcoin jumped nearly $ 2,000, but the bulls were greeted by an avalanche of sales. At the end of the day, BTC returned to last Friday's lows of around $ 55,500.
The total cryptocurrency market capitalization, according to CoinGecko, fell 5.5% to $ 2.63 billion. Only one asset out of the top ten showed growth - Avalanche (AVAX). The rest of the altcoins fell from 4.5% (XRP) to 8.3% (Solana).
Nasdaq-listed enterprise mobile software developer Phunware announced an additional purchase of 398 BTC worth about $ 24 million at an average price of $ 59,917, cryptocurrency.tech writes. As of November 22, the company owns approximately 529 BTC at an average purchase price of $ 60,100.
According to a new report from CoinShares, investors have poured $ 154 million in crypto funds over the past week, despite a 12 percent correction in the bitcoin price.
The overwhelming majority of new investment continues to flow into bitcoin - investments in funds based on it amounted to $ 114 million. Ethereum recorded an inflow of $ 14 million. Solana's total revenue for the last month was $ 43 million.
Some altcoins have started to see an investment churn for the first time in months. Cardano-based funds lost $ 2.1 million in capital in the week and $ 23 million in the last month.
ARK Invest CEO Katie Wood said institutional investors will raise the BTC rate to $ 500,000. In her opinion, this is partly due to the low correlation of bitcoin with other assets.
“The technical picture of bitcoin is on the side of the bears. After a technical rebound on Friday, the first cryptocurrency hit resistance at the 50-day moving average over the weekend. Strengthening sales from this level indicates a short-term change in trend and a mood for a deeper and longer correction, ”- noted in the team of analysts at GravityPlus.