As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market volatility and price swings in Bitcoin. However, the recent developments have left me feeling a tad uneasy. The double-digit percentage drop in Bitcoin within just a few days has been a sobering reminder of the inherent risks involved in this asset class.
Bitcoin, the leading cryptocurrency, has just recorded its biggest monthly drop since August 2023.
As a cryptocurrency analyst, I’ve noticed that the front-runner digital coin experienced a significant downturn of approximately 15% during the month of April. The primary reasons for this decline were macroeconomic anxieties and decelerating ETF inflows.
In simple terms, Bitcoin, the biggest digital currency, has dropped by approximately 6% in the last 24 hours, reaching a low point of $57,068 during trading on the Bitstamp platform.
During this period, Bitcoin ETFs experienced additional withdrawals totaling $161 million. Specifically, Grayscale’s GBTC recorded a significant loss of approximately $93.2 million.
Significantly, the “Fear and Greed” index has returned to its neutral state following the recent significant decline in Bitcoin’s price.
Bitcoin is down as much as 14% over the past week alone.
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2024-05-01 11:17