Bitcoin's value took a significant hit on Tuesday, with spot BTC ETFs experiencing substantial outflows. The leading cryptocurrency plummeted over 8% to below $62,000, marking its most substantial single-day decline since November 9, 2022. This downward trend is reminiscent of the crash triggered by the collapse of Sam Bankman Fried's FTX exchange.
The current pullback, amounting to a 15% decrease from last week's record highs, is causing concern among investors. Analysts attribute this decline to various factors, including the substantial outflows from spot ETFs, as highlighted by provisional data from Farside.
Trader and economist Alex Kruger outlined the primary reasons for the crash, citing excessive leverage, Ethereum's influence on the market, negative BTC ETF inflows, and speculative frenzy around Solana.
Ether (ETH), the second-largest cryptocurrency, also faced a downturn, dropping from around $4,000 to $3,130 following last week's Dencun upgrade. One contributing factor to ETH's decline is the diminishing likelihood of the U.S. SEC approving an ether spot ETF by May.
Moreover, the crypto market's overheated conditions, particularly evident in the significant leverage used by long traders in perpetual futures bets, have raised concerns about a potential market correction.
Investors are now turning their attention to the Federal Reserve's rate decision scheduled for Wednesday, which will be followed by Chairman Jerome Powell's press conference. The decision and subsequent statements may provide insights into the Fed's stance on potential rate cuts amidst a strong economy and persistent inflation.
The recent uptick in the dollar index and U.S. Treasury yields, driven by inflationary pressures, has dampened the appeal of risk assets, including cryptocurrencies. This shift in sentiment reflects growing apprehension among investors in emerging technologies amid broader market uncertainties.
Taiwan’s central bank has begun a pilot to hold seized Bitcoin as part of its reserves. The government is studying how digital assets could be used alongside traditional currency and gold.
AnaisChinese national, Zhimin Qian, was jailed for bitcoin fraud in London, and UK authorities seized 61,000 bitcoins worth over £5 billion.
AnaisThe McRib has returned to McDonald’s menus in the US, sparking renewed social media buzz and a quirky link to Bitcoin trends. Some online data suggests Bitcoin sometimes rises after the sandwich’s comeback, though the pattern is inconsistent.
WeatherlyBitcoin (BTC) surged this week, climbing 6.7% to break past the $106,000 mark as optimism swelled around a U.S. Senate bill expected to end the longest government shutdown in American history.
XingChiBlock Inc.’s Square platform now lets over four million merchants accept Bitcoin using the Lightning Network, enabling near-instant payments and low fees. Bitcoin-related transactions contributed nearly $2 billion to the company’s revenue, highlighting growing adoption of crypto in everyday commerce.
AnaisStrive bought 7,525 more Bitcoin worth about $162 million, making it one of the largest corporate holders of the cryptocurrency. The purchase pushed it ahead of Galaxy Digital as competition among firms building Bitcoin reserves intensifies.
AnaisA U.S. court sentenced Samourai Wallet co-founder Keonne Rodriguez to five years in prison for running an unlicensed crypto mixing service. Prosecutors said the Bitcoin wallet helped launder at least $237 million through tools that hid transaction origins.
WeatherlyMichael Saylor continues his unwavering focus on Bitcoin as his company, Strategy, has filed for an initial public offering (IPO) of shares denominated in euros. The move marks a significant shift in direction for the company, designed to raise funds specifically for purchasing more Bitcoin while expanding into new capital markets.
XingChiSteak ‘n Shake has unveiled a dedicated Bitcoin treasury and a new philanthropic campaign that donates 210 satoshis for every “Bitcoin Meal” sold — signaling one of the boldest crypto pivots yet from a major U.S. restaurant brand.
XingChiIran is cracking down on illegal crypto mining as unlicensed operations consume massive amounts of electricity, threatening the national grid. The government is offering rewards to informants, but cheap power and high profits continue to fuel widespread unauthorised mining.
AnaisSolana's DEXs withstand a 32% DeFi volume drop, showing only a 4% dip. Despite challenges, Solana's dominance in the market grows, marking significant yearly growth. Analysts warn of a potential price decline, emphasizing the need for cautious market navigation.
SanyaBaidu's shares plummeted 11.5% in Hong Kong as reports surfaced linking its AI model, Ernie, to PLA experiments. The potential US sanctions, economic challenges, and slow AI market growth add complexity to Baidu's outlook, triggering investor concerns.
Cheng Yuan自 2023 年年初 Ordinals 开启 Bitcoin 的 NFT 试验以来，如何在 Bitcoin 上创立丰富的去中心化用例项目，成为行业关注的热点。
MarsBitAnimoca Brands in a statement on Thursday said it had around $3.4 billion in assets, including $194 million in cash and stablecoins, and $2.7 billion worth of "off-balance sheet token reserves".
OthersWintermute booked $225 million in revenue during the first nine months of 2022, Forbes reported.
OthersRetail investors are wary of buying bitcoin at the current dip, but survey data shows that 55% of those who have invested in cryptocurrencies during the recent volatility chose to HODL.
CointelegraphThe expansion may not necessarily include Mercado Bitcoin acquiring a Mexico-based crypto exchange to operate in the country.
CointelegraphThe shocking Bitcoin withdrawals appeared as BTC's extended its decline below $20,000 over the weekend.
CointelegraphHas the technological myth of the new digital wave fallen from the altar so quickly?
FtftxThe streaming service’s stock price took a major hit after releasing disappointing user numbers, making some in the crypto community cry foul at the volatility.
Cointelegraph