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The price of the flagship crypto asset Bitcoin has been seeing some fluctuations, which has made many investors and traders a bit skeptical. After struggling to surge higher than the $40k mark, the crypto king is now trading at $38,575 (at the time of writing).
Here is a graph by CoinMarketCap that shows the price movement of BTC over the last 24 hours.
It has now been reported that Bitcoin funds have seen the largest single week of outflows since June 2021. This is cause for some concern, especially for people who have not been in the crypto space for a long time.
The reasons for the largest outflows and factors that may have influenced the price movement of Bitcoin have not been specified yet.
However, long-term BTC investors and traders are quite familiar with the value and significance of the digital asset and expect the price to surge soon as well. Therefore, if you are new to the crypto space and want to invest in Bitcoin then make sure you opt for a crypto exchange that is secure and suits your needs the most.
If you are looking to leverage trade Bitcoin up to 100x, sign-up on Bybit today. You can also use this link to claim a bonus on your first deposit.
Details of Bitcoin Outflows
As per reports, institutional investors dropped Bitcoin investment products worth $133 million last week. This has been the largest week of outflows since mid-2021.
The outflows seen last week brought the month-to-date outflows for April to $310.8 million. The last time millions of worth BTC outflows were seen was back in June 2021, which was a result of two major news updates:
- Tesla stopped accepting Bitcoin as payment for its vehicles
- China implemented its crypto mining ban and carried out crackdown operations in the country
There was a strong bearish trend when the BTC outflows were this significant last time. However, analysts and enthusiasts are unable to identify strong indicators of the present bearish trend but a few potential factors have been addressed.
“It is difficult to ascertain the precise reason for this other than the hawkish rhetoric from the US Federal Reserve and the recent price decline.”
According to reports, the overall digital currency fund outflows for the last week of April were a total of $120.1 million.
What Should New Crypto Investors Know?
There are several aspects related to crypto buying, selling or trading that novice parties are unaware of. This is because the crypto space is vast and also known to be volatile and unpredictable.
Therefore, if a new crypto investor or trader lacks relevant or helpful information and details then crypto investing or trading can become challenging, stressful and even intimidating for some.
This is why it is crucial for new crypto investors to be familiar with a few helpful tips such as the ones mentioned here:
- Start by investing as much as you can afford to lose
- Monitor the price movements of the digital asset you want to buy
- Choose a secure and suitable cryptocurrency exchange
As a novice crypto investor, if you want to purchase Bitcoin then you can click on SwissBorg or Kraken (U.S. citizens).
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