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Headline : Bitcoin tumbles below $57,000 on day of Fed meeting

Read more from the original article on here at fortune.com.





Tags : #bitcoin #tumbles #below #57000 #day #fed #meeting


No. of Paragraph 12

Bitcoin appears to be on a trajectory at odds with the bullish predictions many investors anticipated following the network’s halving on April 19. Falling 11% in the past day, to trade at $56,889 on Wednesday afternoon, according to CoinGecko data, the cryptocurrency was trading at around $64,000 on the halving date. The price has retracted by 20% since mid-March, when it hit an all-time high of $73,000.

With the halving in the rearview, and exchange-traded fund flows exhausted, “this leaves Bitcoin watchers focused on macro, and the picture is cloudy at best,” Andrew Baehr, head of product at CoinDesk Indices, told Fortune.

The latest inflation rate, as of March 31, is 3.48%, according to the consumer price index, up from 3.2% in February. This has dampened hopes that the Federal Reserve, meeting May 1, could cut interest rates. “This sets up a challenging market for risk assets in general, and Bitcoin and crypto tends to follow suit,” David Lawant, head of research at FalconX, told Fortune.

ETF flows began to slow when U.S. inflation was higher than anticipated for the second consecutive month. Since March 18, the ETFs have seen outflows on 58% of all trading days, according to 10x Research, with $580 million in outflows since the halving.

Read more from the original article on here at fortune.com.


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