Ethereum

2024

Bitcoin

April

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin (BTC) fell to multi-month lows on May 1, resulting in traders losing half a billion dollars.</li>
 <li>US treasury secretary Janet Yellen’s fiscal policy moves and a legal judgment against crypto exchange Binance worsened market sentiment.</li>
</ul>
<p>The value of <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> plummeted to new lows for several months on May 1, leading to significant losses for traders.</p>
<h2 id="bitcoin-s-price-drop">Bitcoin’s Price Drop</h2>
<p>During the Asian trading session, the losses for BTC continued to grow, with the BTC/USD pair falling to $57,082 on Bitstamp. This drop marked the lowest level since February and increased Q2 losses to over 20%.</p>
<p>The market sentiment was negatively affected by the aggressive fiscal policy actions of US treasury secretary Janet Yellen and a legal judgment against crypto exchange <a href="https://crypto.ro/en/exchange/binance/" rel="noopener noreferrer nofollow">Binance</a> and its founder Changpeng Zhao.</p>
<h2 id="market-reactions">Market Reactions</h2>
<p>Yellen’s decision to withdraw liquidity from the market, rather than using reserves to increase it, was a blow to risk assets across the board. This decision led to a decrease in risk appetite, according to financial commentator Tedtalksmacro.</p>
<p>Before the market downturn accelerated, there were already warnings for Bitcoin and altcoins. The market had been stagnant since BTC/USD reached all-time highs in mid-March. Now, key support levels are disappearing, offering no comfort to the bulls.</p>
<p>Charles Edwards, founder of Capriole Investments, outlined two potential paths for Bitcoin’s price trajectory. He stated that as long as we trade below $61.5K, a sell-off is more likely. A strong reclaim of $61.5K would give some hope to the bulls.</p>
<h2 id="bitcoin-liquidations">Bitcoin Liquidations</h2>
<p>According to CoinGlass, a monitoring resource, 24-hour crypto liquidations amounted to $470 million at the time of writing. Bitcoin accounted for $160 million of the total, with <a href="https://crypto.ro/en/cryptocurrencies/ethereum/" rel="noopener noreferrer nofollow">Ethereum (ETH)</a> at $120 million.</p>
<p>Despite BTC/USD dipping below $60,000 before the April monthly close, April 2024 was still the pair’s worst month since the depths of the 2022 bear market.</p>

Bitcoin Plummets, Drops Below $60K in a Two-Month Low Trend

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