Bitcoin

<p><em><strong>The drop in Bitcoin’s price to $66,013 today on Bitstamp seems linked to two main factors: GBTC outflows and decreased odds of an interest rate cut.</strong></em></p><h2 id="header-0">Chika Moji New Memecoin Claim Instant 100,000 Chika Tokens $100 Free, Claim Airdrop Now On<a href="https://chikamoji.lol/" rel="noopener noreferrer nofollow"> ChikaMoji.lol</a></h2><p><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Red-and-White-Modern-Corporate-Sports-YouTube-Outro-1.png?fit&#61;1920%2C1080&amp;ssl&#61;1" /></p><p>Bitcoin had been rising for six months straight, hitting levels not seen since 2012, but now it’s down over 4% to $66,761.</p><h3 id="strong-bitcoin-etf-outflows-and-rate-cut-odds-impact-bitcoin-s-price-strong"><strong>Bitcoin ETF Outflows and Rate Cut Odds Impact Bitcoin’s Price</strong></h3><p>The recent <a href="https://cryptosheadlines.com/experts-forecast-more-bitcoin-price-drop/" rel="noopener noreferrer nofollow">drop in Bitcoin’s price</a> is mainly due to people pulling their money out of Bitcoin ETFs. On April 1st, Grayscale’s GBTC saw a big outflow of $302 million, which was more than expected. Overall, <a href="https://cryptosheadlines.com/bitcoin-etfs-attracted-520-million-inflows-amid-btc-price-surge-toward-60000/" rel="noopener noreferrer nofollow">Bitcoin ETFs lost $85.7 million</a> on Monday, as products from BlackRock and Fidelity couldn’t make up for GBTC’s losses.</p><p>Another reason for Bitcoin’s price going down is that bond traders are changing their minds about how many <a href="https://cryptosheadlines.com/first-time-in-years-federal-reserve-raises-fed-funds-rate-above-5/" rel="noopener noreferrer nofollow">times the Federal Reserve will lower interest rates</a>. They’re not so sure there will be a rate cut in June anymore, and this uncertainty is making risky investments like Bitcoin less attractive.</p><p>Christopher Waller from the Federal Reserve said they might delay rate cuts because inflation isn’t as high as they thought. Also, according to the Financial Times, only a few <a href="https://cryptosheadlines.com/us-federal-officials-lean-towards-rate-hike-above-6-could-bitcoin-face-an-impending-crash/" rel="noopener noreferrer nofollow">Federal Reserve officials want to cut rates</a> three times in 2024. Raphael Bostic, from the Atlanta Federal Reserve Bank, even <a href="https://cryptosheadlines.com/significant-1000-surge-in-shiba-inu-shib-burn-rate-suggests-potential-price-rebound/" rel="noopener noreferrer nofollow">suggested there might only be one rate</a> cut this year. All these factors are causing Bitcoin’s price to drop.</p><h3 id="crypto-market-hit-by-big-sell-offs-lots-of-people-losing-money">Crypto Market Hit by Big Sell-Offs: Lots of People Losing Money</h3><p>In the past 24 hours, the cryptocurrency market has witnessed a significant wave of liquidations, with over $500 million worth of cryptocurrencies being liquidated, as reported by CoinGlass. Long positions bore the brunt of this wipeout, accounting for the majority at $417 million.</p><h2 id="header-1">Chika Moji New Memecoin Claim Instant 100,000 Chika Tokens $100 Free, Claim Airdrop Now On<a href="https://chikamoji.lol/" rel="noopener noreferrer nofollow"> ChikaMoji.lol</a></h2><p><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/02/Red-and-White-Modern-Corporate-Sports-YouTube-Outro-1.png?fit&#61;1920%2C1080&amp;ssl&#61;1" /></p><p>This sweeping liquidation has affected a substantial number of traders, surpassing 155,000 individuals. Notably, the largest single liquidation order amounted to a staggering $7.48 million. This event underscores the volatility and risk inherent in cryptocurrency trading, impacting traders across various platforms.</p><p><a href="https://cryptosheadlines.com/bitcoin-whales-transfer-2-3b-coinbase-tops-in-btc-outflows/" rel="noopener noreferrer nofollow">Also Read:   Bitcoin Whales Transfer $2.3B; Coinbase Tops in BTC Outflows</a></p><p><em><strong>Important:</strong> Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.</em></p>

Why Bitcoin (BTC) Dropped to $66K: Simple Reasons Explained

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