🐻🐻🐻 Bitcoin Tumbles Below $60K, Risking Deeper Pullback as #CryptoMarkets Endure Worst Month Since #FTX Crash
Bitcoin's April performance disappointed, dropping over 16%, its worst month since November 2022. Ledn's CIO suggests BTC could dip to the mid-to-low $50,000 range.
Spot crypto ETFs' debut in HongKong wasn't as dismal as feared, per a Bloomberg Intelligence analyst. Trading volume, though modest, was notable given Hong Kong's smaller ETF market compared to the US.
BTC's recent downtrend, falling below $60,000, sparked debates on a potential bear market amid concerns about rising interest rates and stagflation in traditional markets.
BTC hit $59,100, its lowest since late February, with a 20% decline from its mid-March high above $73,000. Ethereum and #altcoins like #Solana saw 7%-8% losses amid the broader market downturn.
Near-term BTC outlook remains uncertain, with experts predicting further downside. Ledn's CIO sees potential for a drop to the mid-to-low $50,000s, offering a buying opportunity. Seasonal trends suggest lower prices ahead, historically negative during summer.
Despite modest reception, Hong Kong-listed spot crypto ETFs, notably ChinaAMC's bitcoin product, attracted significant assets in their first session, signaling investor interest despite market conditions. Overall, while challenges persist, optimism remains for crypto's long-term growth.
Source - finance.yahoo.com
