Bitcoin Registers Biggest Single-Day Loss Since FTX's Collapse
Bitcoin experienced its largest single-day loss since November 9, 2022, dropping over 8% to below $62,000. This decline is attributed to various factors, including outflows from U.S.-listed spot exchange-traded funds (ETFs). Data shows significant net outflows from these ETFs, with Grayscale's ETF witnessing a record outflow of $643 million on Monday. The market downturn is also linked to excessive leverage, Ethereum's influence on the market, negative BTC ETF inflows, and a correction in Solana's price. Additionally, Ether's price declined from around $4,000 to $3,130 due to diminishing prospects of the U.S. SEC approving an Ether spot ETF by May. The article mentions the upcoming Federal Reserve rate decision and Jerome Powell's press conference as events investors are closely monitoring for insights into the Fed's stance on rate cuts and inflation. The strengthening of the dollar index and U.S. Treasury yields due to higher consumer and producer price indices has contributed to a decrease in the appeal of risk assets, including cryptocurrencies.
