Bitcoin and the wider crypto market experienced a setback recently as investors await outcomes from the upcoming Federal Reserve meeting. Concerns about potential interest rate hikes have left speculators feeling uneasy, contributing to the market's decline. Notably, Bitcoin's value has dropped by more than 5% in the last week, with the largest cryptocurrency witnessing a 2% decrease in the past 24 hours, currently trading at an average price of $62,370. This recent dip represents a one-week low for Bitcoin.

The overall crypto market also saw a 3% decrease, reaching $2.31 trillion in market valuation. Major cryptocurrencies like Ethereum, BNB, and XRP, in addition to Bitcoin, have all recorded losses, reflecting the prevailing market sentiment. The fear and greed index shows a shift in investor sentiment from greed to neutral, registering 57 points.

Ethereum, the second-largest cryptocurrency, observed a 4% decline, while Solana (SOL) saw a 6% drop in value over the past 24 hours. Both ETH and SOL prices have experienced significant declines of 10% and 28%, respectively, in the last month.

Recent news from the Depository Trust Company has further fueled market uncertainty. Its announcement regarding the lack of collateral value for line of credit facilities associated with crypto-linked Exchange-Traded Funds (ETFs) has raised concerns regarding its impact on the digital asset markets, adding to selling pressure.

Despite these developments, the demand for US spot-Bitcoin ETFs appears to be stabilizing, with Bitcoin's growth slowing down to about 47% from over 70% in mid-March 2024. Australia is preparing for a series of Bitcoin exchange-traded fund launches following successful ventures in the US and Hong Kong. Australian companies such as Van Eck Associates Corp. and BetaShares Holdings Pty are readying listings on ASX Ltd., the country's primary equity trading platform. Approval is projected by the end of 2024 for the first spot-Bitcoin ETFs on the ASX.

The rising popularity of US Bitcoin ETFs, totaling $53 billion this year, highlights the increasing acceptance of digital assets in mainstream finance. This acceptance is further reinforced by the forthcoming launch of funds focused on Bitcoin and Ether investments in Hong Kong.