(05/05/2024) Bitcoin’s wild price swings show the growing influence of ETF buyers! | #Bitcoin #Dogecoin #Solana #Cryptocurrency

According to Huitong Finance APP, the Bitcoin market has recently shown a series of eye-catching fluctuations, especially after the release of a U.S. employment report last Friday. The report showed lower-than-expected job growth in the U.S., sparking expectations of an interest rate cut and fueling a rapid rise in Bitcoin prices. Bitcoin rose more than 7% on the day, breaking through the key resistance level of $62,937, while also driving up the prices of other cryptocurrencies such as Ethereum, Solana, and Dogecoin. However, it is worth noting that at the beginning of this month, the price of Bitcoin once fell to $56,527, reaching its lowest level in nearly two months.
Meanwhile, data on Wednesday showed investors withdrew a total of $564 million from nearly 11 U.S. ETFs, marking the largest outflow since the products were launched in January. This phenomenon has raised concerns about investment confidence in Bitcoin and other cryptocurrencies. In this regard, Yang Youwei, chief economist and vice president of crypto mining company BIT Mining Ltd, pointed out that the decline in Bitcoin prices from its highest level of nearly $74,000 in March may reflect some traders’ concerns about the risks of the global macro environment. worry. This concern may be due to market participants' uncertainty about Federal Reserve policy or other global economic factors.
This series of fluctuations highlights not only the sensitivity of Bitcoin prices to macroeconomic indicators and market events, but also its increasingly close ties with traditional financial markets. Bitcoin's performance not only reflects investors' perceptions of its independent value, but is also influenced by global economic and financial policies. Therefore, investors need to pay more attention to market dynamics, carefully assess investment risks, and adjust investment strategies in a timely manner to adapt to market changes. That’s all for today.