Bitcoin fell 5.6% on Friday, hitting a 24-hour low of $67,922 before trading slightly above $69,300. According to Tim Sun, senior analyst at Hashkey, the decline was triggered by a concentrated liquidation of leveraged long positions, compounded by weakening demand. U.S. spot Bitcoin ETFs recorded six consecutive days of net outflows, while the stablecoin supply contracted and MSCI removed Strategy from its funds. In this context, the global crypto market capitalization dropped 4.6% to $2.39 trillion over 24 hours as hotter-than-expected inflation increased expectations of Federal Reserve interest rate hikes.
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