BTC Investment Products See Record $141M In Outflows – June 8

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $32,880

Bitcoin price has tumbled back toward recent lows overnight, currently trading under the $33,000 mark once again in a display of weakness.

Top-20 altcoins have also taken a fall of their own, with Ethereum dropping almost 10%, XRP falling 9% and Solana suffering a 16% loss.

Top Stories for June 8, 2021 πŸ”₯

πŸ‘‰ BTC Investment Products See Record $141M In Outflows

Bitcoin investment products have had $141 million withdrawn by institutional investors this week – a new record for outflows, according to CoinShares.

Trading volume for these products has also fallen, as weekly averages in June show a 62% decline in activity compared to weekly averages in May.

πŸ‘‰ MicroStrategy To Sell $400M Notes To Buy Even More Bitcoin

Business Intelligence company MicroStrategy has announced that it will be offering another $400 million in convertible notes, in order to fund further purchases of Bitcoin.

Despite the announcement, the company has warned that Q2 fluctuations in Bitcoin price so far may result in an impairment of at least $284.5 million for the quarter.

πŸ‘‰ Coinbase Seeking To Attract FX Traders Via Stablecoin Services

Popular American cryptocurrency exchange Coinbase has announced that it has updated fees for stablecoin trading pairs, including zero fees for market-making orders.

The company hopes that the move will help to attract foreign exchange (FX) traders. FX trading itself had over $6.6 trillion in daily trading volume in 2019.