{"id":602446,"date":"2024-04-10T12:00:20","date_gmt":"2024-04-10T12:00:20","guid":{"rendered":"https:\/\/ktsl888.com\/?p=602446"},"modified":"2024-06-11T07:13:04","modified_gmt":"2024-06-11T07:13:04","slug":"drivers-bitcoin-price-crash","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/drivers-bitcoin-price-crash\/","title":{"rendered":"Here Are The Drivers Behind The Bitcoin Price Crash To $68,000"},"content":{"rendered":"

Bitcoin<\/span> has again experienced a price decline since briefly climbing <\/span>above the $72,000 mark<\/span><\/a> on April 8. This price dip is believed to be due to a couple of factors, which no doubt present a bearish outlook for the <\/span>flagship crypto<\/span><\/a>.<\/span><\/p>\n

Inflation Data Expected To Come In Hot<\/h2>\n

The March Consumer Price Index (CPI) data is scheduled to be released on April 10. Some market experts <\/span>predict<\/span><\/a> that the report will show a rise in overall inflation. This could lead to the Federal Reserve taking a <\/span>hawkish stance<\/span><\/a> on interest rates, negatively impacting Bitcoin\u2019s price and the broader crypto market.\u00a0<\/span><\/p>\n

Related Reading: Shiba Inu Sees Bullish Reversal In On-Chain Metrics, Can SHIB Price Recover?<\/a><\/div>\n

This would explain why Bitcoin\u2019s price has declined lately, as crypto investors remain on the sidelines ahead of the <\/span>CPI report<\/span><\/a>. However, if the inflation figures come in favorable, this could restore investors\u2019 confidence in the economic situation and provide a much-needed bullish outlook for the crypto market.\u00a0<\/span><\/p>\n

Also, considering that January and February’s inflation data exceeded expectations, it is necessary to highlight what last month\u2019s data exceeding expectations could mean in the long term. So far, <\/span>the Fed<\/span><\/a> has continued to hold interest rates steady at about 5.3%, and there was even optimism at the beginning of the year that there could be rate cuts at some point this year.\u00a0<\/span><\/p>\n

However, with inflation continuing to stay well above the Central Bank\u2019s target of 2%, there is a growing feeling that they might be forced to take drastic measures at some point. That is ultimately not good for Bitcoin\u2019s price, especially since different crypto analysts <\/span>gave bullish predictions<\/span><\/a> partly based on their assumption that there would be several rate cuts this year.\u00a0<\/span><\/p>\n

Spot Bitcoin ETFs Are Back In The Red<\/h2>\n

The <\/span>Spot Bitcoin ETFs<\/span><\/a> have also contributed to Bitcoin\u2019s recent decline. These investment funds experienced a net outflow on April 8 and 9, leading to a significant Bitcoin dump on the market. Specifically, these outflows came from the <\/span>Grayscale Bitcoin Trust (GBTC)<\/span><\/a>, which recorded an outflow of <\/span>$303.3 million<\/span><\/a> and <\/span>$154.9 million<\/span><\/a> on April 8 and 9, respectively.\u00a0<\/span><\/p>\n

Related Reading: VeChain On The Edge: Insider Says VET Will Reach The Finish Line<\/a><\/div>\n

Meanwhile, the <\/span>other Spot Bitcoin ETFs<\/span><\/a> have not recorded impressive inflows during this period, which shows their demand has slowed. For context, 6 out of the 10 Spot Bitcoin ETFs (excluding GBTC) recorded zero inflows on April 9, while 5 out of 10 recorded zero inflows on April 8. <\/span>BlackRock\u2019s iShares Bitcoin Trust (IBIT)<\/span><\/a> also recorded a relatively low inflow of $21.3 million that day.\u00a0<\/span><\/p>\n

At the time of writing, Bitcoin is trading at around $69,300, down over 2% in the last 24 hours, according to data from CoinMarketCap.\u00a0<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price loses $70,000 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from Vietnam Insider, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has again experienced a price decline since briefly climbing above the $72,000 mark on April 8. This price dip is believed to be due to a couple of factors, which no doubt present a bearish outlook for the flagship crypto. Inflation Data Expected To Come In Hot The March Consumer Price Index (CPI) data is scheduled to be released on April 10. Some market experts predict that the report will show a rise in overall inflation. This could lead to the Federal Reserve taking a hawkish stance on interest rates, negatively impacting Bitcoin\u2019s price and the broader crypto market.\u00a0 Related Reading: Shiba Inu Sees Bullish Reversal In On-Chain Metrics, Can SHIB Price Recover? This would explain why Bitcoin\u2019s price has declined lately, as crypto investors remain on the sidelines ahead of the CPI report. However, if the inflation figures come in favorable, this could restore investors\u2019 confidence in the economic situation and provide a much-needed bullish outlook for the crypto market.\u00a0 Also, considering that January and February’s inflation data exceeded expectations, it is necessary to highlight what last month\u2019s data exceeding expectations could mean in the long term. So far, the Fed has continued to hold interest rates steady at about 5.3%, and there was even optimism at the beginning of the year that there could be rate cuts at some point this year.\u00a0 However, with inflation continuing to stay well above the Central Bank\u2019s target of 2%, there is a growing feeling that they might be forced to take drastic measures at some point. That is ultimately not good for Bitcoin\u2019s price, especially since different crypto analysts gave bullish predictions partly based on their assumption that there would be several rate cuts this year.\u00a0 Spot Bitcoin ETFs Are Back In The Red The Spot Bitcoin ETFs have also contributed to Bitcoin\u2019s recent decline. These investment funds experienced a net outflow on April 8 and 9, leading to a significant Bitcoin dump on the market. Specifically, these outflows came from the Grayscale Bitcoin Trust (GBTC), which recorded an outflow of $303.3 million and $154.9 million on April 8 and 9, respectively.\u00a0 Related Reading: VeChain On The Edge: Insider Says VET Will Reach The Finish Line Meanwhile, the other Spot Bitcoin ETFs have not recorded impressive inflows during this period, which shows their demand has slowed. For context, 6 out of the 10 Spot Bitcoin ETFs (excluding GBTC) recorded zero inflows on April 9, while 5 out of 10 recorded zero inflows on April 8. BlackRock\u2019s iShares Bitcoin Trust (IBIT) also recorded a relatively low inflow of $21.3 million that day.\u00a0 At the time of writing, Bitcoin is trading at around $69,300, down over 2% in the last 24 hours, according to data from CoinMarketCap.\u00a0 BTC price loses $70,000 | Source: BTCUSD on Tradingview.com Featured image from Vietnam Insider, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":602472,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,1119,89185,1122,1144,78790],"class_list":["post-602446","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nHere Are The Drivers 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Here Are The Drivers Behind The Bitcoin Price Crash To $68,000","url":"http:\/\/ktsl888.com\/news\/drivers-bitcoin-price-crash\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/drivers-bitcoin-price-crash\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/04\/Bitcoin_9c9f99.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/04\/Bitcoin_9c9f99.jpeg?fit=1140%2C570"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt"],"dateCreated":"2024-04-10T12:00:20Z","datePublished":"2024-04-10T12:00:20Z","dateModified":"2024-06-11T07:13:04Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Here Are The Drivers Behind The Bitcoin Price Crash To $68,000\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/drivers-bitcoin-price-crash\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/drivers-bitcoin-price-crash\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/Bitcoin_9c9f99.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/Bitcoin_9c9f99.jpeg?fit=1140%2C570\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2024-04-10T12:00:20Z\",\"datePublished\":\"2024-04-10T12:00:20Z\",\"dateModified\":\"2024-06-11T07:13:04Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/04\/Bitcoin_9c9f99.jpeg?fit=1140%2C570","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/602446"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=602446"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/602446\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/602472"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=602446"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=602446"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=602446"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}