Bitcoin Market Sees Sell-Off Before FOMC Meeting

• Bitcoin ETF outflows hit a weekly high of $161 million.
• Bitcoin price fell below $60,000 due to broader market sell-off.
• Analysts predict Bitcoin price to go down to $55,000.

The Bitcoin market experienced a wave of selling pressure yesterday, with Bitcoin ETF outflows reaching a weekly high of $162 million. This comes just a day before the highly anticipated FOMC meeting, where the Federal Open Market Committee will discuss potential interest rate hikes. The outflows mark the fifth consecutive day of decline for Bitcoin investment funds, reflecting growing uncertainty in the market.

According to SoSoValue, total net outflows from Bitcoin spot ETFs yesterday, April 30, were as high as $162 million. GrayscaleETF GBTC had a single-day net outflow of US$93.2277 million, and the current historical net outflow of GBTC is US$17.303 billion. The total net asset… pic.twitter.com/jSCtfVrW8l

— Wu Blockchain (@WuBlockchain) May 1, 2024

Grayscale Bitcoin Trust (GBTC), a leading Bitcoin ETF, witnessed a significant single-day outflow of $93.23 million, contributing to its total historical net outflow of $17.3 billion according to Farside Investors data. The total n…

The post Bitcoin Market Sees Sell-Off Before FOMC Meeting appeared first on Coin Edition.