Analysts name the reasons for bitcoin’s fall to $ 66,000

The value of the flagship cryptocurrency fell to $ 66,013 per day. This happened after BTC $75,790.33 Bitcoin 1.88% Market capitalization $1.5 trillion VOL. 24 hours $3.41 billion recorded its sixth consecutive month of profit, breaking the record set in 2012.

The outflow of funds from bitcoin exchange-traded funds has again become one of the main bearish factors. on April 1, Grayscale’s GBTC recorded another outflow of $ 302 million. According to James Seyffarth, a leading ETF analyst, this amount is «higher than expected.»

In total, on Monday, bitcoin exchange-traded funds recorded net cumulative outflows of $ 85.7 million, with BlackRock and Fidelity products failing to compensate for GBTC’s losses.

In addition to the decline in demand for exchange-traded ETFs, the price of bitcoin was affected by bond traders who are counting on fewer Federal Reserve rate cuts. The probability of a rate cut in June fell below 50%. This puts significant pressure on risky assets such as bitcoin, which usually benefit from looser monetary policy.

Last week, Federal Reserve representative Christopher Waller said that the rate cut could be postponed due to disappointing inflation data. According to the Financial Times, only a minority of Fed officials support three rate cuts in 2024. Federal Reserve Bank of Atlanta President Raphael Bostic recently said that only one rate cut is likely to occur this year.

According to CoinGlass, more than $ 500 million worth of cryptocurrencies have been liquidated in the last 24 hours alone. Long positions accounted for the vast majority of losses ($ 417 million). More than 155,000 traders' positions were liquidated, and the largest liquidation order amounted to $ 7.48 million.