ETF outflow, Asian stocks and Macron push Bitcoin lower

Surprising outflows at the Bitcoin ETF funds, losses in Asian markets on Tuesday as well as the announcement that France will hold elections in early July to stem the rise of the far right pushed both stock markets and Bitcoin lower. Ether had an even harder time stopping the decline.

NEWS⚡️: U.S Bitcoin ETFs See First Net Outflows in 19 Days, BTC Price Tanks. pic.twitter.com/VViVXDxd3Y

— Ordinal Barbwire ⚡️ (@Ordinalbarbwire) June 11, 2024

Several memecoins, meanwhile, fell by double percentages per day.

With another Fed announcement this week, a lot of downward pressure could be forming. Beware of volatility.

Analysts claim that Bitcoin absolutely needs to stay above $65k to not risk a further fall.

Macron

President Emmanuel Macron called new elections and hoped that some political parties would join him in a gamble to stave off the rise of the far-right parties Rassemblement National and Reconquête.

The others turned Macron down, leaving European investors in the dark as to whether France can be governed in the next two years. Although Macron will remain in place, if he has to tolerate an extreme right-wing government in his parliament, he will probably not get anything done.

The Asian markets also had a difficult few days, because the Japanese Central Bank not really being further inclined to pump more money into the system and because Asian investors, like the rest of the world, are waiting for the Federal Reserve’s decision. The Federal Reserve will announce today how it currently assesses the economy.

The most important #Bitcoin support to hold: pic.twitter.com/CEWied5MIy

— Mister Crypto (@misterrcrypto) June 11, 2024

At the time of writing, Bitcoin is trading around $67,400 after briefly trading below $67,000 earlier on Tuesday. Ether had a much tougher time, dropping 5% at one point on Tuesday. At the time of writing, Ether is trading for $3,510.