Bitcoin experienced a price correction on Monday, retracting gains made following former US President Donald Trump's weekend announcement of a strategic crypto reserve including Bitcoin, Ethereum, XRP, Solana, and Cardano. According to dpa-AFX, Bitcoin traded near $86,000 on Bitstamp after briefly surging to $95,000 on March 2nd. Market analyst Timo Emden noted the rally was short-lived, with investors seemingly realizing words alone don't drive value. CoinShares reported on March 2nd, a record $2.9 billion in outflows from crypto investment products last week, marking the third consecutive week of outflows after a 19-week inflow streak. Bitcoin accounted for $2.59 billion of the outflows, while Ethereum saw $300 million withdrawn. Sui saw inflows of $15.5 million, while XRP saw $5 million in fresh investments. James Butterfill from CoinShares attributed the outflows to the Bybit hack, a hawkish Federal Reserve, and profit-taking. The United States led outflows with $2.87 billion, while Germany saw inflows of $55.3 million.
Bitcoin Dips After Trump's Crypto Reserve Announcement; CoinShares Reports Record Outflows
Edited by: Yuliya Shumai
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