Reserve

Bitcoin

when

April

<ul>
 <li>Asian Bitcoin investors grapple with price swings as algorithmic bots drive buy and sell orders based on flow data.</li>
 <li>Bitcoin dropped another 0.95% to trade at $66,118, continuing its struggle.</li>
</ul>
Bitcoin Market—Asian investors are experiencing wild swings as automated trading systems react swiftly to data from US exchange-traded funds (ETFs) holding the cryptocurrency. This phenomenon was evident on Tuesday when Bitcoin faced its <a href="https://thenewscrypto.com/bitcoin-flash-crash-to-66k-whats-behind-the-sudden-reversal/" target="_blank" rel="noopener noreferrer nofollow">sharp decline</a> in a month during Asian trading hours, driven by outflows from these ETFs.
According to Shiliang Tang, president of trading firm Arbelos Markets, algorithmic bots are capitalizing on the flow data by automatically executing buy and sell orders, as reported by Bloomberg.&nbsp;
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img decoding="async" width="780" height="414" src="https://thenewscrypto.com/wp-content/uploads/2024/04/image-6.png" alt="" class="wp-image-95252" srcset="https://thenewscrypto.com/wp-content/uploads/2024/04/image-6.png 780w, https://thenewscrypto.com/wp-content/uploads/2024/04/image-6-300x159.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/04/image-6-768x408.png 768w" sizes="(max-width: 780px) 100vw, 780px">
 <figcaption class="wp-element-caption">Bitcoin (BTC) Price Chart (Source: <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>)
 </figcaption>
 </figure>
</div>
The launch of several Bitcoin ETFs in the US on Jan. 11 has attracted a substantial $12 billion in net inflows, peaking in mid-March amidst Bitcoin’s record surge to $73,750. However, since then, the crypto market has witnessed intermittent outflows, coinciding with a 10% decline in Bitcoin’s value from its peak. As a result, BTC retraced to $64,610 on Tuesday.&nbsp;
The repercussions extend to the derivatives market, with Coinglass data indicating a significant liquidation of bullish crypto positions totaling approximately $346 million in the last 24 hours.&nbsp;
Bitcoin struggled further today, dropping an additional 0.95% to trade at $66,118. Further, expectations about the Federal Reserve interest-rate cuts are rising, dampening sentiment towards cryptocurrencies. Additionally, the upcoming <a href="https://thenewscrypto.com/halving-hype-bitcoin-mining-revenue-hits-2b-whats-next/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin halving</a> scheduled for April 21st is anticipated to fuel further rally in the Bitcoin market.

Bitcoin (BTC) Faces Asian Sell-Off Amidst Automated Trading

TheNewsCrypto

Other articles published on Apr 3, 2024

New Price Horizon for Coinbase by Analysts at Keefe, Bruyette & Woods

Binance Unveils Discounted Taker Fees for ADA, LINK, AVAX in USDC Pairs

Bitfinex launches volatility futures on Bitcoin and Ether

3 Solid Reasons Why Solana Price Poised To Hit $300 In April

Top Altcoins Make Waves in the First Quarter of 2024

New Rival for Shiba Inu as Dogwifhat Token Gains Ground

Join our free newsletter for daily crypto updates!