Bitcoin Declines Trigger Market Concerns

Cryptocurrency markets have continued to decline recently, with Bitcoin hovering at its lowest level in two weeks. Investors are worried about a narrowing of the scope of the Federal Reserve's interest rate cuts and reduced flows into exchange-traded funds. Bitcoin has been falling almost daily since hitting an all-time high of nearly $73,798 on March 14. Meanwhile, demand for the U.S. spot Bitcoin ETF, launched on January 11, has cooled. While Bitcoin’s recent woes are partly related to the outlook for the Federal Reserve, market analysts say the promise of some latecomers to buy more than $60,000, expected to see a steady flow of inflows into new Bitcoin ETFs, is now being tested.

The broader cryptocurrency market has lost approximately $420 billion since reaching $2.9 trillion last week, according to CoinGecko. Tokens such as Ethereum, BNB, and Dogecoin have all suffered losses during this period. K33 Research said bullish bets using derivatives are likely to be further washed out, suggesting that a rapid recovery in the digital asset market may hit roadblocks. While digital asset optimists expect an impending reduction in Bitcoin supply growth to spur growth, pessimism currently prevails, with U.S. exchange operator Coinbase Global Inc., Bitcoin holder MicroStrategy Inc. and Japanese financial services firm Cryptocurrency-related stocks such as Monex Group have plummeted this week.

热点：Bitcoin