Bitcoin (BTC) Extends Drop After One of Crypto’s Worst Weeks of 2024

Losses are piling up in the crypto market after its second-worst weekly decline of 2024, a reflection of cooling demand for Bitcoin exchange-traded funds and uncertainty over monetary policy.

Bitcoin shed as much as 8.1% to $58,528 on Monday, the biggest intraday decline since April 13. The leading token by market value has been buffeted by two weeks of outflows from exchange-traded products holding the cryptocurrency. More than $210 million worth of bullish bets in crypto were liquidated in the past 12 hours, according to data compiled by tracker Coinglass.