The price of the cryptocurrency has fallen by almost 16 percent in April.
Right now
It is Bitcoin’s worst fall since the November 2022 collapse of crypto entrepreneur Sam Bankman-Fried’s FTX empire.
In March, the price of bitcoin exceeded 73,000 dollars. Now the price is down to $56,000.
In the last 24 hours alone, the currency has fallen by approximately 9 percent.
According to Bloomberg, expectations of later interest rate cuts in the US play a role in the price drop.
Recent interest rate movements have been “toxic for gold, Bitcoin and US stocks,” said Chris Weston, head of research at Pepperstone Group in a note, according to the newspaper.
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– There will be a long queue of buyers in the future
Still high price
At the same time, the price of Bitcoin is up 35 percent so far this year, and is double what the price was last year at the same time.
This is largely due to the billions of dollars that have flowed into newly developed exchange-traded funds since January, according to Reuters.
– The downward trend may be linked to the increase in profit-seeking investors who entered the market in 2022 and 2023, says analyst Matteo Greco at the financial company Fineqia.
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