India, June 4 -- Mounting outflows from U.S.-listed Bitcoin Spot ETF products and the liquidation of crypto long positions revealed a heavily bearish sentiment in cryptocurrency markets. Bitcoin dropped to a 4-month low of $61,336 in the past 24 hours while overall crypto market capitalization touched a low of $2.17 trillion during the same period. The renewed concerns over the AI economy that followed the disappointing forecast by chip giant Broadcom has spilled over to the digital assets space in general and the AI-linked cryptocurrencies in particular.
The plunge in cryptocurrencies comes amidst a mixed sentiment in global markets attributed to the volatile geopolitical situation in the Middle East and AI-related worries about tech valu...