Dogecoin

Wednesday

Bitcoin

when

Spot

Bitcoin (BTC) price recorded a drop of over 3% on Tuesday reflecting traders’ concern ahead of the release of US inflation data and the <a href="https://news.todayq.com/bitcoin-next-big-test-how-fed-reserves-decision-could-rock-crypto/" rel="noopener noreferrer nofollow">Federal Reserve’s monetary policy</a> decision. The biggest crypto dipped to the $67,000 price level hitting a one week low before. However, other major cryptos including Ether and Dogecoin also witnessed a massive slide. Bitcoin losing its momentum? 
Driven by high inflows of&nbsp; US Spot crypto exchange-traded funds (ETFs), Bitcoin went on to hit its all time high (ATH) of $73,798 in March. Since then it has struggled to reach new heights since then.&nbsp;
However, the upcoming inflation data and the Fed’s outlook on Wednesday could intensify fears that interest rates will remain elevated for an extended period. This can pose a challenge for the crypto market.
Experts suggests that “No news is bad news in crypto. The market is like a junkie that constantly needs bullish news to stay up. So when there is none, the path of least resistance is lower.”
Global markets are bracing for the Federal Reserve’s interest-rate decision and key US inflation figures. Bitcoin investors, in particular, are on high alert for potential volatility.&nbsp;
A 30-day correlation between Bitcoin and the US 10-year Treasury yield stands at minus 53, one of the most negative readings since 2010. This metric indicates that Bitcoin is currently moving inversely to the benchmark bond yield to an unusual degree. ETFs still suffering? 
Bitcoin price is now down by 9% in the last 90 days. This suggests that, as of now, BTC is not enjoying the ETF’s performance. The indifferent thing about this is that the biggest crypto saw a gain of 11% in the last 30 days, which suggests that ETFs might have seen a good inflow in this period of time.
Since their launch in January, a net of $15.6 billion has flowed into Bitcoin ETFs. However, Monday saw a withdrawal of $65 million, ending a 19-day streak of continuous inflows, Bloomberg data revealed.
Bitcoin is trading at an average price of $67,081, at the press time. Its 24 hour trading volume is up by 98% to stand at $32 billion.
The impending release of inflation data and the Fed’s policy outlook, both expected within hours of each other on Wednesday, could impact the bond market significantly. This correlation study suggests that Bitcoin might experience fluctuations in response to Treasury market movements.

Bitcoin, ETH, DOGE tanks, What’s causing the market meltdown?

Todayq News

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