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Bitcoin fails to surpass $44K, and is impacted by the accelerating inflation rate

which causes a loss of 4% . This year began with a market crash that saw most cryptocurrencies such as Bitcoin and Ethereum plummet. Bitcoin has, however, been trying to correct the downtrend only for the bull correction to be cut short below $45K. Today, BTC dropped by more than 4% sending Bitcoin below $44K.…

which causes a loss of 4%

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This year began with a market crash that saw most cryptocurrencies such as Bitcoin and Ethereum plummet.

Bitcoin has, however, been trying to correct the downtrend only for the bull correction to be cut short below $45K. Today, BTC dropped by more than 4% sending Bitcoin below $44K.

At the time of writing Bitcoin was trading at $43,609.63.

Why Bitcoin’s price is so low

Bitcoin price has been up and down after it dropped below $40k in January following the announcement by the FED that it was going to increase the interest rates gradually in the coming months. This followed reports that the U.S annual inflation rate has hit a 40 year high of 7% and that the interest rate will be increased for the first time in more than three years.

Currently, Bitcoin’s support level is at $42,578 and will have to reclaim $44,208 before retesting the resistance level at $45,161. If it happens to go below the support level, then it can drop to as low as $41,625, which will be a big blow to the world’s leading digital asset.

Crypto Market is currently in decline

While Bitcoin saw a decline today, other cryptocurrency have also seen a decline today. Ethereum, for example, has dropped by 5% to $3,097.4.

Other Altcoins also suffered bigger losses. Both XRP and Polkadot (DOT) have dropped by over 9% in the last 24 hours. Respectively, Solana (SOL) also dropped by 8% to trade at $106.15.

Due in large part to this sudden downtrend, market cap valuations have dropped by around 3% from over $2 trillion to $1. 943 trillion.

Bitcoin Investors are optimistic that the coin will soon resume its bullish trend.

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Bitcoin

Former Coinbase Business Developer: ‘There Wasn’t a Long-Term Case for Bitcoin Payments’

Nick Tomaino, a former business developer and marketing lead at Coinbase, explained how the idea of bitcoin for payments gradually lost its relevance in the market. Tomaino detailed that Coinbase rode this premise back in 2014 to raise $125 million in two funding rounds, but it was quickly clear that there was not a case [……
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Bitcoin

Japanese Corporation Metaplanet Acquires More Bitcoin, Stock Price Soars

Metaplanet, a publicly traded corporation on the Tokyo Stock Exchange, has announced an investment of 23.351 bitcoins, with an average purchase price of 10,706,180 yen per BTC, totaling 250 million yen ($1.6 million). The company now holds 141.0727 bitcoins, with an average purchase price of 10,278,391 yen per BTC…
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Bitcoin

BTC slips amid poor debut for Hong Kong spot ETFs

Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading. Data showed trading volumes hit just over $11 million, against expectations of over $3oo million. Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading…


  • Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading.
  • Data showed trading volumes hit just over $11 million, against expectations of over $3oo million.

Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading for much hyped spot Bitcoin and Ethereum ETFs in Hong Kong.

BTC was down about 1.4% at the time of writing, having touched lows of $61,587 across major crypto exchanges.

The benchmark cryptocurrency, which has struggled to reclaim key levels since its recent halving event, was seeing a 24-hour trading volume of $28.4 billion.

Bitcoin price and Hong Kong spot ETFs debut

Earlier, Bitcoin price surged to above $64,000 as the six spot Bitcoin and spot Ethereum ETFs went live in Hong Kong.

The flagship cryptocurrency rose to over $64,727 on US-based crypto exchange Coinbase. BTC also soared after reports Hong Kong approved the listing of the ETFs.

NEW: 🇭🇰 Opening ceremony of Hong Kong spot #Bitcoin ETFs 👏 pic.twitter.com/ux1eb5PqRn

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

However, as data streamed in showing disappointing trading volumes and inflows, Bitcoin price took a hit. According to details of the six ETFs’s debut day, total trading volume reached just $11 million, not impressive given projections were much higher at over $300 million.

Bitcoin ETFs saw about $8.5 million while Ethereum ETFs recorded just $2.5 million on the first day. Ethereum price fell to $3,040.

Notably, the figures from Hong Kong are way lower compared to those recorded amid the enthusiasm that greeted the launch of spot Bitcoin ETFs in the US in January. On their debut, the US spot BTC ETFs raked in over $4.6 billion in trading volume.

The start to trading for the ETFs has not helped BTC price and BTC could face a slide under the $60k level if sentiment flips negative. On the upside, resistance at $65k remains critical and a breakout could see the bellwether digital asset soar towards its recent peak.


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