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In the recent downturn in the Bitcoin market, this cryptocurrency has plummeted from its historical high to a weekly low of $66,629. Bitcoin suddenly dropped over 5% after hovering around its historical high of $73,803.25, indicating the inherent volatility in the cryptocurrency market. Despite the slight fluctuations, the largest cryptocurrency has been on a positive trajectory over the past few weeks. Remarkable trading volumes and inflows of funds have demonstrated the growing demand for a spot Bitcoin ETF and the upcoming Bitcoin halving, largely driving the bullish trend in Bitcoin trading. However, the recent decline in Bitcoin prices has raised doubts about the uncertainty in the cryptocurrency market. The current plunge in BTC also suggests a lower probability of a Fed rate cut in June 2024. Recent reports indicate that considering the opinions of most economists, the Fed is expected to cut rates in June. Nevertheless, following the drop in BTC, the likelihood of a rate cut has decreased from the previous 74% to approximately 60%, according to the FedWatch tool from the Chicago Mercantile Exchange. Matt Simpson, a senior market analyst at City Index, stated that considering the volatility of the BTC market and the pessimistic sentiment towards the Fed's decision, Bitcoin's volatility and ruthlessness have long been evident. It not only recently hit a new high but also appears (the Fed) to be less dovish than traders had hoped. Bitcoin is currently trading at $68,197, with a 24-hour decline of 7.28%. Despite the daily decline, Bitcoin has seen a slight increase of 1.29% over the past 7 days and a significant rise of 31.46% over the past 30 days. Market analyst Tony Sycamore asserts that Bitcoin is rising on the back of US yields and the dollar after hot producer price inflation data. |
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Post time 26-3-2024 23:42:46