Bitcoin
Crypto Wash Sends Bitcoin Below $58,000 Ahead of Fed Decision
By Amanda Cooper
LONDON (Reuters) – Bitcoin fell nearly 6% on Wednesday, posting its worst monthly April performance since late 2022, as investors pulled money out of cryptocurrencies ahead of a later Federal Reserve interest rate decision .
The value of the world’s most traded cryptocurrency fell nearly 16% in April as investors booked profits in a sizzling rally that sent the price to record highs above $70,000.
Bitcoin fell as much as 5.6%, reaching its lowest level since late February. The latest drop was 4.8% to $57,001, while losses in Ether were more modest, down 3.6% to $2,857, also the weakest level since February.
The price of bitcoin is now 22% below its March record high of $73,803, technically putting it in a bear market. But it’s still up 35% this year and double last year’s figure, thanks in large part to the billions of dollars that have flowed into newly issued exchange-traded funds since January.
“The recent downtrend can be attributed to increased profit-taking by investors who entered the market during the 2022 and 2023 recessions, as well as ETF investors who witnessed significant appreciation in their share prices after entering the market in the first weeks of 2024,” said Matteo Greco, research analyst at Fineqia.
Crypto-related stocks fell in US pre-market trading. Shares of crypto exchange Coinbase fell 4.6%, while miners Riot and Marathon Digital fell 4.2-4.3%.
On the macro front, the Federal Open Market Committee (FOMC) is not expected to make any changes to interest rates, but the view is taking root among investors that the central bank may not cut rates this year, delivering a blow to interest rates. rate-sensitive assets such as cryptocurrencies, emerging market stocks and bonds, or even commodities.
Investors responded accordingly. The 10 largest US spot bitcoin ETFs are facing their biggest weekly outflow since their inception in January.
Outflows reached $496 million this week, mainly as flows into BlackRock’s iShares Bitcoin Trust, the largest in terms of holdings, slowed, according to LSEG data.
Even smaller alt-coins, which can sometimes benefit from the weakness of the two big tokens, were punished. Data from crypto website Coingecko shows that Solana’s sol token has lost nearly a quarter of its value over the past seven days, as have the meme coins dogecoin and shiba inu – both popularized in 2021 in part by Tesla owner Elon Musk.
Bitcoin’s so-called “halving event” last month did little to support the price. Since April 20, when the halving took place, bitcoin has fallen by around 15%. Many investors entered the market ahead of the event, which involves a change in the cryptocurrency’s underlying technology designed to slow the rate at which new bitcoins are created.
The story continues
From a chart perspective, Alex Kuptsikevich, senior market analyst at the FXPro platform, said that bitcoin’s decline is entering a new phase.
Not only is May a month of seasonal weakness for bitcoin, but the price drop in recent weeks brings $55,700 and $51,000-52,000 into focus, he said.
“However, both the FOMC announcements later today and the monthly employment data on Friday have enough potential to accelerate or reverse the downtrend,” he said.
(Reporting by Amanda Cooper, additional reporting by Samuel Indyk; Editing by Stefano Rebaudo, Ros Russell and Louise Heavens)
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Analysts are starting to pay more attention than usual to Bitcoin-proxy’s underlying enterprise software business MicroStrategy Inc.
How to better invest cash generated from operations is what originally prompted co-founder and CEO Michael Saylor to turn to Bitcoin four years ago. Since then, the Tysons Corner, Va.-based company has adopted a two-pronged strategy of investing in the cryptocurrency instead of traditional assets like short-term Treasuries and ramping up its software operations.
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Bitcoin has retreated from a six-week high as investors shift their focus to speculation the U.S. may sell seized tokens just days after Donald Trump vowed to create a government stockpile of the cryptocurrency if he is elected president again.
The US transferred $2 billion worth of Bitcoin to a new digital wallet address on Monday, blockchain research firm Arkham said in a publish on social media platform X. Market analysis firms have speculated that the tokens are from the Silk Road marketplace, where customers used virtual currencies to buy illegal drugs and hacking tools before it was shut down.
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