Bitcoin declined sharply after achieving a record high above USD 123,000 due to a significant sell-off by Galaxy Digital, which transferred USD 1.5 billion worth of bitcoins to exchanges. This raised concerns about potential sell-side pressure, particularly affecting leveraged traders. Other cryptocurrencies also recorded losses. Meanwhile, expectations around interest rates have shifted due to strong US job market data, influencing Federal Reserve monetary policy. Positive sentiment may arise from renewed inflows in US ETFs and the forthcoming White House crypto policy report, promising clearer regulatory guidance.
Bitcoin experienced a substantial retreat after reaching a record high above USD 123,000, driven by a significant sell-off from Galaxy Digital, which transferred USD 1.5 billion in bitcoins to exchanges.
Concerns about potential sell-side pressures were raised, especially as leveraged traders faced challenges, leading to a downturn in other cryptocurrencies as well.
Interest rate expectations have shifted, with stronger US job market data prompting a more cautious Federal Reserve monetary policy, which could impact risk appetite among investors.
Investor sentiment may improve with the anticipated release of the White House's crypto policy report, expected to offer comprehensive regulatory guidance for digital assets.
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