Ether, Altcoins Remain Under Pressure Following Volatile Weekend
Bitcoin has also given up some of its early Monday bounce, returning down to the $64,000 level.
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Market Wrap
Bitcoin has also given up some of its early Monday bounce, returning down to the $64,000 level.
Investors may expect market weakness due to the tax season, Ryze Labs said in a report.
Major U.S. equity indices closed the day lower as faster CPI reading for March, will BTC was up 1%.
Bitcoin is showing resilience despite the slip, but the corrective period might continue for a while before a return to growth, one observer noted.
Flows into the new spot ETFs have been subdued for a couple of weeks, possibly prompting a renewed interest in macro drivers for price direction.
U.S.-listed spot bitcoin ETFs saw over $830 million of outflows so far this week, and are poised for the first negative week since late January.
Bitcoin needs to reclaim the $69,000 level to reignite its uptrend, one trader noted.
Fed policymakers maintained their outlook for three rate cuts by the end of the year, alleviating market risk of a more hawkish stance.
CoinDesk reported Wednesday that the Ethereum Foundation faces a confidential inquiry, and Fortune said the SEC is examining whether ETH is a security.
Disappointing flows into bitcoin ETFs over the past days partly resulted from investors trimming risks ahead of Wednesday’s FOMC meeting, one market observer said.