look news india
Mumbai: The month of May has been bad for major crypto Bitcoin after a 16 percent decline in April. In the last 24 hours, the price of Bitcoin has fallen by more than $3000 and late in the evening the price was said to be $5809. Other cryptos also rallied behind Bitcoin. After reaching a record high of $74,000 in March, Bitcoin has lost $16,000.
Cryptocurrencies have gained momentum as the Federal Reserve is unlikely to cut interest rates at its Federal Open Market Committee (FOMC) meeting that began on Tuesday. A weak response to the six-spot Bitcoin and Ether ETF recently launched in Hong Kong also weighed on prices.
In the last twenty-four hours, Bitcoin saw a low of $56,790 and a high of $61,400. Ethereum was quoted at $2900 while BNB was quoted at $540.
April of this year has been the worst for the largest crypto Bitcoin since November, 2022 as a result of the decline in attraction towards Bitcoin exchange traded funds (ETFs) in the US. Last month the price of Bitcoin has fallen by 14 percent. In November 2022, when the FTA collapsed, Bitcoin was down 16 percent.
Bitcoin saw a bullish run after the US Securities and Exchange Commission approved a Bitcoin ETF in January this year and its price reached a record high of $74,000 in March. 11 US spot ETFs saw net inflows of $4.60 billion in March.
Whereas in April it saw an outflow of $18.20 million. However, Bitcoin began to decline in April when the Federal Reserve became convinced that it would not be possible to cut interest rates in the near future.
The process of halving Bitcoin on April 19 also did not have any significant impact on the price. The halving process reduces the supply of new coins in the market.