Bitcoin experienced a decline in value as Hong Kong's Bitcoin and Ether grants failed to captivate investors during their initial launch. The Hong Kong exchange witnessed the introduction of six crypto-related grants, resulting in Bitcoin grants accumulating $8.5 million in volume while Ether grants amassed $2.5 million. This pales in comparison to the expected $100 million volume as outlined in media reports.

The principal cryptocurrency descended beneath $61,000 on Monday morning, marking a drop exceeding 2%. Following suit, Ether, the second-largest cryptocurrency, experienced a decline exceeding 4% in the past 24 hours, now resting at $3,000. In tandem, Solana and Dogecoin slides indicate a value depreciation of over 5% today, with Solana hovering at approximately $128 and Dogecoin at around $0.13. The collective global crypto market capitalization dipped by more than 3% to $2.24 trillion in the past day according to CoinMarketCap data.

Furthermore, Bitcoin grants in the U.S. are encountering hardships too, witnessing a total net inflow of $11 billion that could have been notably higher if Grayscale's GBTC had seen any inflows. Data from investment firm Farside highlights that GBTC has witnessed outflows for more than a month, accumulating to $17 billion since April 11. Over the past three days, Fidelity's FBTC has reported continuous outflows totaling $31 million.

The recent price downturn trails a period of consistency during which Bitcoin displayed strong performance following its "halving" process. The current depreciation in cryptocurrency values surfaces amidst investor unease, instigated by the Federal Reserve's confirmation of no immediate interest rate cuts and mounting apprehensions of stagflation on the horizon.