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As Bitcoin continues to fallAndromedacasinonodepositbonus2022The market capitalization of overall digital assets fell by $500 billion, and people began to wonder whether the rebound in the cryptocurrency had peaked.
Bitcoin has fallen for five days in a row, which will be the longest decline since October. Bitcoin hit an all-time high of $73798 in mid-March, but since then the entire cryptocurrency market has tumbled 17% to 2%, according to CoinGecko and compiled data.Andromedacasinonodepositbonus2022.4 trillion dollars.
The decline in the flow of money into the US bitcoin ETF, coupled with the prospect of the Fed's "higher-for-longer", have pushed down the price of digital assets. Last week's approval for the listing of Bitcoin ETF in Hong Kong, China, also failed to make the market optimistic.
After Bitcoin ETF was first launched in the US in January, cash poured into such funds and at one point pushed Bitcoin to an all-time high. Although the total net inflow into such funds so far is $11.8 billion, there has been an outflow of $169 million so far this month.
Benjamin Celermajer, head of Magnet Capital, a digital asset management company, said many speculators betting on continued strong ETF flows were now "squeezed out of the market". But he added that the bull market is not over and that Bitcoin will hit a new high by the end of 2024.
In the derivatives market, there are signs that investors expect Bitcoin to be less volatile than it was after the launch of the US ETF.
The T3 Bitcoin volatility Index (T3 Bitcoin Volatility Index, which uses option prices to predict Bitcoin's expected volatility over a 30-day period) and Ethernet Fong, the second-largest digital asset by market capitalization, are both around two-month lows.
As of press time, the price of Bitcoin fell 1.39% to $61541.8 on the day and 0.46% to $2997.75 in Etay Fong.