In a challenging month for the crypto markets, Bitcoin (BTC) has dipped below the critical $60,000 mark. Here are the key points:
Worst Month- FTX Crash
- BTC has lost over 16% in April, making it the worst month since November 2022.
- Ledn CIO’s Caution: Experts warn that BTC could retreat further, potentially reaching the mid-to-low $50,000 range.
- Strong U.S. economic data and surging inflation have shifted expectations regarding Federal Reserve interest rate cuts, impacting digital assets.
Hong Kong ETF Debut
The debut of spot crypto exchange-traded funds (ETFs) in Hong Kong initially seemed lacklustre, but a closer look reveals a more positive picture. Considering Hong Kong’s smaller ETF market size compared to the U.S., the launch was noteworthy. ChinaAMC’s bitcoin product alone gathered over $123 million in assets during its first trading session.
Altcoins Hit Hard: Ether and Smaller Cryptocurrencies
While BTC faces headwinds, other developments are worth noting.
- Ether’s Parallel Struggle: Ether (ETH) has also declined by 18% in April.
- Altcoin Correction: Smaller cryptocurrencies like SOL, DOGE, and AVAX have suffered even deeper corrections, plummeting by 35%-40% this month.
Detailed Overview Of Crypto Crash FTX-
- In April, Bitcoin (BTC) faced significant headwinds, resulting in a decline of over 16%. This performance marks its worst month since November 2022. Key factors contributing to this downturn include:
- Market Sentiment: BTC’s retreat below $60,000 has raised concerns among investors. The digital asset hit a low of $59,100, its weakest price since late February.
- Interest Rate Fears: The debut of spot crypto exchange-traded funds (ETFs) in Hong Kong initially appeared lacklustre. However, considering Hong Kong’s smaller ETF market size compared to the U.S., the launch was significant. ChinaAMC’s bitcoin product alone gathered over $123 million in assets during its first trading session.
- Fed’s Influence: Reports of robust U.S. economic data and surging inflation have shifted expectations regarding Federal Reserve interest rate cuts. Market strategist Joel Kruger notes that the Fed’s potential shift to a “higher for longer” policy outlook is impacting digital assets, including BTC.
- Altcoin Struggles: Ether (ETH) also faced challenges, declining by 18% in April. Smaller cryptocurrencies like DOGE suffered even deeper corrections, plummeting by 35%-40%.
Get the most recent information and go further into the world of crypto coins with ReadingCrypto!
Happy Investing!
Disclaimer: This post is intended solely for informational purposes and should not be taken as legal, tax, investment, financial, or any other form of advice. Although all the information provided is true to the best of our knowledge, it is advisable to research well before making any kind of investments or decisions in general. The team of ReadingCrypto bears no responsibility in the event of any adverse outcomes.
