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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-plunges-over-8-in-steepest-decline-since-november" rel="noopener noreferrer nofollow">Bitcoin Plunges Over 8% in Steepest Decline Since November</a><br></p>
<p style="text-align: justify">Today, <a href="https://en.bitcoinhaber.net/bitcoins-volatility-and-the-anticipation-of-a-spot-etf-approval" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) saw its steepest drop in value since November of the previous year, plummeting over 8% and dipping below the $62,000 mark. This downturn comes soon after the cryptocurrency reached a record high of over $73,500. The drastic fall represents a 15% decline from its recent all-time peak, a trend observed for the first time since the last major crash according to FTX exchange data.</p>
<h2 id="outflow-from-spot-etfs-and-economic-indicators-shake-confidence">Outflow from Spot ETFs and Economic Indicators Shake Confidence</h2>
<p style="text-align: justify">The recent fall in Bitcoin’s value is attributed to various factors including a record net outflow of $326 million from US spot exchange-traded funds (ETFs) as indicated by the latest data from investment firm Farside. Grayscale’s spot Bitcoin ETF experienced an unprecedented outflow, which significantly contributed to the price drop. Trader and economist Alex Kruger cited excessive leverage, a dip in <a href="https://en.bitcoinhaber.net/ethereum-searches-for-stable-ground-as-prices-fluctuate" rel="noopener noreferrer nofollow">Ethereum</a>‘s price, and speculative trading in altcoins such as <a href="https://en.bitcoinhaber.net/solana-overcomes-network-interruption-and-breaks-financial-records" rel="noopener noreferrer nofollow">Solana</a> as additional reasons for the market crash.</p>
<h2 id="ethereum-s-decline-and-anticipated-federal-reserve-policies">Ethereum’s Decline and Anticipated Federal Reserve Policies</h2>
<p style="text-align: justify">Following Ethereum’s recent update, its price has seen a downturn, partly due to dwindling hopes for a spot Ethereum ETF approval by the SEC. This period has also been marked by a broader cryptocurrency market correction, signaled by excessive leverage in bullish positions that raised investor concerns earlier in the month.</p>
<p style="text-align: justify">The market’s focus is now on the upcoming Federal Reserve interest rate decision and subsequent commentary by Chairman Jerome Powell. Greg Magadini of Amberdata pointed out that the Fed’s approach to combating higher inflation in a robust economy will have profound effects on the sentiment towards risky assets like digital currencies.</p>
<p style="text-align: justify">With February’s US consumer and producer price indices surging beyond forecasts, the US dollar index and Treasury yields are influencing the attractiveness of such assets. Investors are bracing for potential bearish signals from Powell and anticipate that stern stances from the Fed could further pressure cryptocurrency valuations.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-plunges-over-8-in-steepest-decline-since-november" rel="noopener noreferrer nofollow">Bitcoin Plunges Over 8% in Steepest Decline Since November</a></h5>

Bitcoin Plunges Over 8% in Steepest Decline Since November

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