Bitcoin Faces Worst Month Since FTX Crash
Bitcoin fell almost 16% in April, the most since November 2022
Crypto ETF flows are reversing as Fed rate-cut hopes fade
Tweet on BTC price fluctuation
Bitcoin Faces Worst Month Since FTX's Bankman-Fried Scandal, via Bloomberg#btc #ETFs pic.twitter.com/m97Z0PHFlc
— The_Journalbiz (@the_journalbiz) May 2, 2024
Bloomberg chart
The prospect of higher-for-longer interest rates is weighing on crypto, underlined by deepening Bitcoin losses after the token’s worst monthly drop since the collapse of Sam Bankman-Fried’s FTX empire in November 2022.
The largest digital asset slumped almost 16% in April as a mania for US spot-Bitcoin exchange-traded funds flatlined after earlier lifting the token to a record high of almost $74,000 in March. Losses continued on Wednesday, with Bitcoin dropping as much as 5.6%.
Tuesday’s debut of Bitcoin and Ether ETFs in Hong Kong also failed to provide a tailwind. Trading volume for the six vehicles totaled $12.7 million on the first day, sizable locally but dwarfed by the $4.6 billion achieved by the US products when they went live in January, according to Bloomberg.
