The day began with Bitcoin's price at $64,000 but later fell below $64,370 due to selling pressures. Within 24 hours, the price dropped to $62,673, staying in a tight range as a new week approaches. The current state of the cryptocurrency markets is under scrutiny.
Bitcoin (BTC)
Bitcoin's price remains around $64,000, with altcoins making some gains but not a significant turnaround. Bitcoin's inability to surpass $67,000 has dampened hopes for April. Spot Bitcoin ETF has experienced outflows in the past three days, with ETF reserves being drained due to consistent sales. Total net entries fell below $12 billion post the last trading day, indicating short-term concerns.
There have been no net entries in the range of $150-200 million as of April 9. With limited enthusiasm reflected in net entries ranging from $31.6 million to $91.3 million in March, it is uncertain what direction the market will take post the upcoming Fed interest rate decision.
Current State of Cryptocurrencies
The overall market shows a decrease in trading volume nearing $50 billion. The fear and greed index remains neutral, with BTC, ETH, and stablecoins being the most traded assets in the last 24 hours, followed by SOL and DOGE. Data prior to the Fed meeting next week has caused investors to shy away from risk, especially with uncertain predictions surrounding the Fed's decisions due to the unexpected state of the US economy.
Looking at the top 100 cryptocurrencies, PEPE, BONK, and HBAR have seen significant gains exceeding 20%, with HBAR's rise attributed to a misinterpreted news piece involving BlackRock.
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