The Bitcoin Price Crash to $68,000 Was Driven By These Factors

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The Bitcoin Price Crash to $68,000 Was Driven By These Factors - NewsBTC

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Specifically, these outflows came from the Grayscale Bitcoin Trust (GBTC), which recorded an outflow of $303.3 million and $154.9 million on April 8 and 9, respectively. Related Reading: VeChain On The Edge: Insider Says VET Will Reach The Finish Line Meanwhile, the other Spot Bitcoin ETFs have not recorded impressive inflows during this period, which shows their demand has slowed.

That is ultimately not good for Bitcoin’s price, especially since different crypto analysts gave bullish predictions partly based on their assumption that there would be several rate cuts this year. Spot Bitcoin ETFs Are Back In The Red The Spot Bitcoin ETFs have also contributed to Bitcoin’s recent decline.

This could lead to the Federal Reserve taking a hawkish stance on interest rates, negatively impacting Bitcoin’s price and the broader crypto market. Related Reading: Shiba Inu Sees Bullish Reversal In On-Chain Metrics, Can SHIB Price Recover?