There was a significant price drop in the Bitcoin market today. BTC fell from $63,446 to $60,763 within hours, recording a 4.3% decline in the last 24 hours. Additionally, Bitcoin has fallen by 15% after reaching the $70,000 level last month. It is possible that this sudden decline can be attributed to various factors affecting the US economy and investor sentiment.
Factors Causing Bitcoin's Decline
US Economic Indicators
Recent data on inflation and consumer sentiment in the United States have played a significant role in this decline in Bitcoin's value. According to the report of the University of Michigan, the consumer sentiment index, which was 77.2 in April, fell to 67.4 in May, falling to the lowest level in the last six months and remaining below market expectations.
Additionally, inflation expectations for the coming year rose to 3.5%, reaching a six-month high. This increased economic concerns and caused volatility in the markets. A decline in consumer sentiment and higher inflation expectations may increase investors' risk aversion, which could negatively impact the value of assets such as Bitcoin.
Such data provides important information about the economic outlook and market expectations and are factors that should be taken into account when assessing investors' risks. Following market developments and performing fundamental analysis is important to understand their impact on cryptocurrency and other asset prices.
Warnings from the Fed Central Bank
Statements by Federal Reserve officials also increased uncertainty in the market. Fed President Lorie Logan drew attention to the increasing risks to inflation and emphasized the need for policy flexibility, stating that a rate cut was premature. Similarly, Federal Reserve Chairman Bowman emphasized the importance of maintaining policy stability over an extended period of time.
Outflows from US Spot Bitcoin ETFs
In addition to economic indicators, outflows from US Spot Bitcoin ETFs, particularly the Grayscale Bitcoin Trust (GBTC), surpassed $100 million on Friday. This move reflects investor caution in the face of economic uncertainties.
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