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Cryptocurrency News Articles
Bitcoin Wobbles: Volatility Dampens Recovery Hopes
Mar 23, 2024 at 12:06 am
Bitcoin Woes: Will Volatility Keep BTC at Bay?
The crypto market's roller coaster ride continued Friday, with Bitcoin {{BTC}} taking a nosedive below $63,000, a sharp drop from its $67,000 perch just hours earlier. A modest recovery has since lifted the price back to the current $64,000, still down 3.7% over the past 24 hours.
Ripple Effect: Altcoins Feel the Heat
The sell-off had a ripple effect, with the CoinDesk 20 Index plummeting 4.4% over the same period. Solana's token {{SOL}} led the decline, shedding over 10% at one point.
BTC's Corrective Period: A Long Road to Recovery?
It's been over a week since BTC abruptly reversed course from its record-breaking $73,000 high, entering a corrective phase. While Wednesday's 10% surge sparked hopes of a swift recovery, the subsequent price action suggests otherwise.
Expert Opinion: Novogratz on the Long Haul
"It will take some time before we breach that $73,000 level again," cautioned Mike Novogratz, CEO of Galaxy Digital, during a Bitcoin Investor Day panel discussion.
ETF Outflows: Grayscale's Shadow Looms
U.S.-listed spot bitcoin ETFs have faced headwinds, with four consecutive days of net negative flows. While most funds still experience inflows, they have not been enough to offset the massive outflows from Grayscale Bitcoin Trust (GBTC). On Thursday alone, GBTC saw $359 million in outflows, contributing to a $94 million loss for the entire fund group. Fidelity's Wise Origin Bitcoin Fund (FFBTC) recorded its lowest daily inflow ever.
Analyst Insight: Genesis Sales and Macro Conditions
Coinbase Institutional analysts attribute the increased GBTC selling in part to Genesis liquidating shares during its bankruptcy proceedings. Once the sales conclude, the report suggests, ETF inflows could resume amid favorable macro conditions and supportive central bank policies.
The Fed's Influence: A Tailwind for Bitcoin?
"The macro environment remains conducive for further spot bitcoin ETF inflows following the Federal Reserve meeting," the Coinbase analysts wrote. They anticipate that disinflationary trends, easing financial conditions, and the tapering of the Fed's quantitative tightening program will continue to bolster markets.
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- BNB Hints at Imminent Expansion With Increasing Interest, Exploring Future Prospects
- Oct 30, 2024 at 10:30 pm
- After reaching an all-time high just below $725, BNB has experienced a decline that brought its price around $403. Since then, the crypto has been undergoing a consolidation phase in the form of an ascending triangle
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- $CODE Token Ventures into the World of Real World Assets (RWA) through a Unique Partnership with ZIA Beverage
- Oct 30, 2024 at 10:30 pm
- $CODE Token, a decentralized crypto project launched on July 31, 2024, announced on October 29, 2024, its DAO-approved partnership with ZIA Beverage, an innovative microbrewery based in New Mexico renowned for its artisanal sodas.