Bitcoin Slumps, Dragging Crypto Market Down

Bitcoin's price has been dropping significantly in April, extending its losses into May. This bearish trend coincides with the lackluster launch of spot ETFs in Hong Kong.

The world's leading cryptocurrency is currently trading below $60,000, representing a 16% decline from its all-time high in March. This slump has also impacted other cryptocurrencies, with many altcoins following Bitcoin's downward trajectory.

Analysts point to several factors contributing to the decline, including:

* Disappointing performance of newly-launched Bitcoin ETFs

* Broader market correction

* Rising inflation and interest rate concerns

It remains to be seen whether Bitcoin can recover and regain its previous momentum.

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