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<p>The post <a href="https://coinpedia.org/news/why-is-the-bitcoin-btc-price-down-today-here-are-the-top-reasons/">Why is The Bitcoin (BTC) Price Down Today? Here Are the Top Reasons</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The cryptocurrency market took a slight hit, dropping by 2.2 percent in the last day to settle at about $2.36 trillion. <a href="https://markets.coinpedia.org/bitcoin/">Bitcoin</a> led the decline, with trading volume shrinking noticeably. But interestingly, data suggests that many traders are hesitant to move their assets, fearing they’ll miss out on a potential bounce back.</p> 
<p>Curious to know more? Dive right in.</p> 
<h2 class="wp-block-heading" id="h-fear-or-fomo">Fear or FOMO?</h2> 
<p>Despite this setback, the market has seen some big wins recently, like halving events and the approval of <a href="https://coinpedia.org/news/hong-kong-rocks-with-6-3-million-volume-in-spot-bitcoin-ether-etf-debuts-heres-the-scoop/">spot BTC ETFs</a>. Right now, Bitcoin’s price is testing support levels between $61,000 and $59,600, a crucial moment for the market’s mood and future direction.</p> 
<p>If the bulls can’t hold onto this support, experts warn of a possible sell-off in the coming months, followed by a push towards a new all-time high (ATH).</p> 
<h2 class="wp-block-heading" id="h-why-are-the-markets-bleeding">Why are the Markets Bleeding?</h2> 
<h3 class="wp-block-heading" id="h-fomc-and-fed-interest-rate-release"><strong>FOMC and Fed Interest Rate Release</strong></h3> 
<p>With April wrapping up, the market is bracing for some big moves, especially as the United States Federal Reserve announces its long-awaited decision on interest rates.</p> 
<p>Anticipating potential turbulence, some traders are seeking safety in stablecoins. Meanwhile, a hefty $222 million was wiped out from the crypto leverage market in the past 24 hours, highlighting the nervousness in the air.</p> 
<h3 class="wp-block-heading" id="h-former-binance-ceo-faces-sentencing"><strong>Former Binance CEO Faces Sentencing</strong></h3> 
<p>Today’s a pivotal day as former Binance CEO Changepeng Zhao, or CZ, awaits sentencing after admitting to all charges against him. His fate could send shockwaves through the market, marking a significant shift. Additionally, Binance is now under strict watch by US financial agencies for the next five years.</p> 
<h3 class="wp-block-heading" id="h-hong-kong-s-crypto-etf-debut-a-lukewarm-reception"><strong>Hong Kong’s Crypto ETF Debut: A Lukewarm Reception</strong></h3> 
<p>While Hong Kong recently greenlit spot Bitcoin and Ether ETFs, their debut fell short of expectations. The six crypto ETFs in Hong Kong only saw about $11 million traded on the first day, far from the expected $100 million.</p> 
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   <p lang="en" dir="ltr">Here's Hong Kong crypto ETFs volume breakdown, all told traded $12.4m, a LOT for that market- equiv of $1.6b in US. Assets much stronger tho: China AMC reporting $141m in assets (equiv to $22b in US) with $121m of it in btc and $20m of it eth, so eth grabbed 14%. All early data,… <a href="https://t.co/scEeBYxOsD">pic.twitter.com/scEeBYxOsD</a></p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1785282088242950326?ref_src=twsrc%5Etfw">April 30, 2024</a>
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<p>Interestingly, the total trading volume for these ETFs in Hong Kong is much lower compared to their US counterparts, with spot BTC ETFs leading with around $655 million traded on day one.</p> 
<p>Also Check Out:&nbsp;<a href="https://coinpedia.org/news/why-bitcoin-price-was-down-in-april-month-what-next-for-btc-price/">Why Bitcoin Price Was Down In April Month? What Next For BTC Price?</a></p> 
<p><strong>Will the bulls defend their territory, or are we in for a wild ride before the next peak? Stay tuned to Coinpedia for more updates!</strong></p>

Why is The Bitcoin (BTC) Price Down Today? Here Are the Top Reasons

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