Plunge

Cryptocurrency

Bitcoin ETF

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/cryptocurrency-values-plunge-in-market-shake-up" rel="noopener noreferrer nofollow">Cryptocurrency Values Plunge in Market Shake-Up</a><br></p>
<p style="text-align: justify">Recent developments in the cryptocurrency market have led to a notable downturn, with the market’s capitalization dropping by 7.68% to $2.27 trillion. Top digital currencies, <a href="https://en.bitcoinhaber.net/insightful-analysis-foresees-bitcoin-soaring-to-60000" rel="noopener noreferrer nofollow">Bitcoin</a> and <a href="https://en.bitcoinhaber.net/ethereum-etf-approval-a-regulatory-crossroads" rel="noopener noreferrer nofollow">Ethereum</a>, have experienced significant declines in their values. Bitcoin, the market leader, saw its price fall by roughly 7% to about $62,650, while Ethereum, the runner-up in market value, dropped close to 8%, stabilizing at $3,200.</p>
<h2 id="record-outflows-from-crypto-funds">Record Outflows from Crypto Funds</h2>
<p style="text-align: justify">In a parallel financial movement, Bitcoin ETFs reported the highest one-day withdrawal to date. Grayscale’s Bitcoin ETF alone saw an exodus of $642.5 million on the previous day. Fidelity’s Bitcoin ETF also registered its smallest amount of capital inflow, with a mere $5.9 million added, leading to a substantial net outflow from spot Bitcoin ETFs.</p>
<p style="text-align: justify">Investment in Bitcoin ETF funds has slowed down significantly in anticipation of the Federal Open Market Committee’s upcoming meeting. Analysts speculate that a future surge in Bitcoin prices—and by extension, the cryptocurrency market—hinges on inflation rates dropping or the <a href="https://en.bitcoinhaber.net/turkeys-central-bank-reveals-2024-monetary-policy-goals-and-schedule" rel="noopener noreferrer nofollow">economy</a> showing signs of a slowdown, which could prompt a shift in the Federal Reserve’s monetary policy.</p>
<h2 id="market-trends-and-indicators">Market Trends and Indicators</h2>
<p style="text-align: justify">The current slump in cryptocurrency values is part of a larger correction wave that began mid-March, erasing gains from a local high of nearly $2.72 trillion in market cap. Signs of this correction were visible through divergence indicators and a falling daily Relative Strength Index, suggesting a weakening in the market’s momentum.</p>
<p style="text-align: justify">Prior to the downturn, the market’s RSI levels were unsustainably high, indicating overvalued conditions that dampened investor interest. Concurrently, Bitcoin’s price surge, coupled with an increase in the Net Unrealized Profit and Loss index, presented a prime opportunity for profit-taking. This context, alongside historical data, suggests that the market may continue to witness downward adjustments in the near future.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/cryptocurrency-values-plunge-in-market-shake-up" rel="noopener noreferrer nofollow">Cryptocurrency Values Plunge in Market Shake-Up</a></h5>

Cryptocurrency Values Plunge in Market Shake-Up

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