Bitcoin recorded its biggest drop in a month since August 2023

The flagship cryptocurrency recorded its biggest monthly drop since August 2023. In April, BTC $60,856.92 Bitcoin -2.74% Market capitalization $1.2 trillion VOL. 24 hours $1.35 billion fell by 15%, and the main bearish factors were macroeconomic problems and a slowdown in ETF flows.

The negative dynamics of bitcoin in April began after the token recorded 8 consecutive months of positive growth, breaking its 2012 record.

Over the past 24 hours, BTC has dropped by 3.8% and 10.4% over 7 days, reaching an intraday low of $ 57,068 on the Bitstamp exchange.

Exchange-traded funds trading in BTC-ETFs recorded outflows of $ 161 million. Grayscale’s GBTC alone lost $ 93.2 million. The long-awaited Hong Kong cryptocurrency ETFs did not meet some of the bullish expectations. Proponents of the BTC still argue that the launch was relatively successful, given the small size of the Hong Kong ETF market.

The Fear and Greed Index returned to neutral after the dramatic drop in bitcoin prices. Prior to that, the index fluctuated between Greed and Extreme Greed. Some analysts believe that the market needs to cool down before another push up. However, technical indicators have recently signaled that an even bigger correction may be coming.