Home Bitcoin falls as far right candidates gain in EU elections

Bitcoin falls as far right candidates gain in EU elections


  • Asia markets fell due to Chinese property concerns and potential changes in Bank of Japan's bond purchases.
  • Bitcoin dropped over 2% to $67,900; Ether fell below $3,550; CoinDesk 20 Index declined 1% to 2,370 points.
  • Crypto losses followed $64.9M outflows from U.S. Bitcoin ETFs; traditional markets saw similar risk-off sentiment.

It was a risk-off day in Asia as concerns about the Chinese property market and potential changes to the Bank of Japan’s bond purchase program weighed on investor sentiment.

Bitcoin, the leading cryptocurrency by market value, fell over 2% to $67,900, extending its retreat from recent highs near $72,000. Ether, the second-largest coin, followed suit, dipping below $3,550 at one point. The broader CoinDesk 20 Index fell 1% to 2,370 points.

The losses in the crypto market followed $64.9 million in cumulative outflows from U.S.-listed spot Bitcoin exchange-traded funds (ETFs), marking the first loss since at least May 23, according to provisional data published by Farside Investors. Despite the recent strong inflows, market chatter suggests that they stem from institutions’ growing interest in non-directional basis trades rather than outright bullish bets.

In traditional markets, Chinese stocks fell over 1%, leading losses in Asian equity indices amid lingering property market concerns and reports that the Bank of Japan could trim its liquidity-boosting bond purchases this week. The dollar index, which gauges the greenback’s exchange rate against a basket of major fiat currencies, consolidated on two-day gains, while prices for the supposed safe-haven U.S. Treasuries ticked higher, pushing yields lower. The yield on the benchmark 10-year note fell by three basis points to 4.45%.

Politics move markets

Recent gains for right-wing parties in European elections and a snap poll announcement by France revived concerns about the cohesion of the European Union, adding uncertainty to the market. Meanwhile, investors remain on edge ahead of Wednesday’s U.S. CPI release and the Federal Reserve’s rate decision, which will include the central bank’s latest quarterly projections and the closely watched interest rate dot plot.

As a highly informed individual in August 2023 looking ahead to June 2024, the crypto market’s volatility and its correlation with traditional financial markets remain a concern. The Fed’s actions and global economic uncertainties continue to play a significant role in shaping investor sentiment and the direction of both crypto and traditional assets.

Featured image via Ideogram

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Radek Zielinski
Tech Journalist

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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