The reason for the decline of Bitcoin and altcoins has been revealed
$66,058.14
-0.57%
Cryptocurrencies, especially Bitcoin, continue with declines in the new week. The number one cryptocurrency retreated to $64,782 today. Yesterday, the price was over $71,000. So why did Bitcoin fall?
The main reason for the decline in Bitcoin is associated with Fed expectations. Yesterday, the US ISM manufacturing index exceeded forecasts and rose to 50.3 in March, an increase of 2.5 points compared to the previous month. This means that the manufacturing index has grown for the first time in 1.5 years.
Strong ISM data raised expectations that the US central bank may refrain from cutting interest rates in June. Additionally, the yield on 10-year US Treasury bonds rose to 4.4 percent, reaching its highest level since November 2023.
This situation led to changes in the market's expectations regarding the Fed's monetary policy this year, and it was seen that the probability of an interest rate cut in June fell below 50 percent.
These developments triggered an escape from risky assets. Additionally, investments in spot Bitcoin ETFs have also decreased. Yesterday ETFs had a deficit of $85 million. Following the recovery last week, the outflows this week also put pressure on the Bitcoin price.
Markets are now waiting for Fed Chairman Powell's statements tomorrow and PMI data for the non-manufacturing sector.
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