Why is The Bitcoin (BTC) Price Down Today? Here Are the Top Reasons

The post Why is The Bitcoin (BTC) Price Down Today? Here Are the Top Reasons appeared first on Coinpedia Fintech News

The total cryptocurrency market cap declined by 2.2 percent in the past 24 hours to about $2.36 trillion. Led by Bitcoin (BTC), the cryptocurrency trading volume has significantly shrunk but on-chain data shows that there is a large contingency of traders who do not want to move their assets for fear of missing out on a relief rally. 

Moreover, the cryptocurrency market has registered its best bullish event including the halving and the approval of spot BTC ETFs in the past few months. According to the latest market data, Bitcoin price is retesting on the support range between $61k and $59,600. 

If the bulls fail to defend this support range, heavy crypto capitulation will occur in the coming months before the final send-off to a new ATH.

Top Reasons Bitcoin and Crypto Continued to Shed

FOMC and Fed’s Interest Rates Tomorrow 

As April comes to an end today, the cryptocurrency market is expected to record increased volatility amid high-impact news. On Wednesday the United States Federal Reserve will release the much anticipated interest rates. 

Consequently, some cryptocurrency traders have taken refuge in the stablecoins market. Furthermore, more than $222 million was liquidated from the crypto leverage market in the past 24 hours.

Binance Co-founder and Former CEO CZ Will be Sentenced Today

After pleading guilty to all charges against him, former Binance CEO and co-founder Changepeng Zhao alias CZ will be sentenced today. His sentencing will send shockwaves to the entire crypto market and it signals the end of an era. Furthermore, Binance is now under close monitoring by the US financial agencies for the next five years.

Slow Start for Hong Kong Spot BTC and ETH ETFs

Here's Hong Kong crypto ETFs volume breakdown, all told traded $12.4m, a LOT for that market- equiv of $1.6b in US. Assets much stronger tho: China AMC reporting $141m in assets (equiv to $22b in US) with $121m of it in btc and $20m of it eth, so eth grabbed 14%. All early data,… pic.twitter.com/scEeBYxOsD

— Eric Balchunas (@EricBalchunas) April 30, 2024

After approving the spot Bitcoin and Ether ETFs earlier this month, Hong Kong officially began trading on Tuesday. However, the six spot crypto ETFs in Hong Kong only managed around $11 million on the first day, a short of the expected $100 million. Notably, the cumulative trading for spot crypto ETHs in Hong Kong is also significantly lower than the US-based spot BTC ETFs on the first day, around $655 million.