Negative sentiment about the crypto market persists as the industry posted negative outflows of $102 million in the past week.
- Bitcoin outflows were $57 million last week, bringing the total month-to-date outflows to $91 million.
- Ethereum posted another week of massive outflows at $41 million, bringing the cumulative year-to-date outflows to $387 million.
- Meanwhile, Cardano and XRP have reported a slight increase in positive inflows compared to the massive outflows reported for Bitcoin and Ethereum.
- Heightened inflation figures are increasing the negative sentiment on the crypto market, and the US Fed is set to hike rates this week to control surging costs.
Cryptocurrencies fell to the lowest levels in 2022, attributable to a huge sell-off of risks. Crypto lending platform Celsius stopped withdrawals for its clients, increasing concerns about contagion on the wider markets.
BTCUSD down -1.33%, ETHUSD down -1.81%, ADAUSD up +7.33%, XRPUSD up +0.59%.