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Bitcoin is falling, demand for BTC-ETFs is decreasing

April, 02 2024
watermark Economic news

On Tuesday, bitcoin continues to decline – at the moment, the cryptocurrency dropped to $ 64,781. Pressure on the asset is exerted by a decrease in demand for spot bitcoin ETFs in the United States, as well as a decrease in hopes for easing the monetary policy of the Federal Reserve System.

The current BTC quote is $66,149. Thus, the sharp rally in cryptocurrencies observed after the approval of the first wholesale bitcoin exchange-traded funds in the United States is losing momentum. Since reaching a peak of $73,798 in mid-March, bitcoin has lost about 10%.

Recent inflation data point to continued price pressures in the United States, which forces investors to hold back expectations for a Fed interest rate cut. And this, in turn, supports the yield of treasury bonds and the dollar and negatively affects speculative assets, including cryptocurrencies.

However, analysts are still waiting for the rally to resume, as the supply of new bitcoins is expected to be halved in April, the so-called halving, which some traders consider as a support factor for the cryptocurrency.

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