This led to a sell-off in the market as investors feared a restrictive environment could lead to an economic downturn.
Weakness in the top cryptocurrency led to a broader fall in the crypto market.
Bitcoin’s slump comes a week after the asset touched three-month highs of $48,000.
Data shows crypto exchanges saw significant cryptocurrency outflows, with the likes of bitcoin seeing outflows of nearly 96,000 bitcoin each month.
Over in Canada, bitcoin ETF products continued to see inflows with total holdings increasing by 6,594 bitcoin – over $300 million at current prices – since January 2022, as per Glassnode.
ETFs, or exchange-traded funds, are a type of pooled investment security that can be traded on exchanges similar to stocks, but without investors owning the underlying asset.
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