Bitcoin Registers Biggest Single-Day Loss Since FTX's Collapse
Summary
Bitcoin's price fell over 8% to under $62,000, marking the biggest single-day decline since November 2022. The decline was attributed to outflows from spot ETFs, with a net outflow of $326 million on Tuesday and a record outflow of $643 million on Monday. Ether also declined to $3,130 due to the dwindling probability of the U.S. SEC greenlighting an ether spot ETF by May. The crypto market appeared overheated, with long traders paying annualized funding of over 100%. Investors are now closely watching the Federal Reserve rate decision and Chairman Jerome Powell’s press conference. Both the dollar index and U.S. Treasury yields have moved higher, denting the appeal of risk assets, including cryptocurrencies.
