• BTC's value has dropped by more than 5% in the last day, currently trading at $66k.
• Factors contributing to the bearish market include weakening demand for ETFs and reduced anticipation of Fed rate cuts.
• The crypto market has shown signs of weakness in the past 12 hours, particularly influenced by recent US economic data.

Bitcoin has experienced a decrease in value as a result of dwindling expectations for looser monetary policies from the Federal Reserve and decreasing interest in Bitcoin ETFs. In the past 24 hours, the cryptocurrency has seen a drop of over 5% and is now at its lowest point in a week.

The decrease in bets on Fed interest rate cuts is connected to rising inflation pressures in the US, leading to a strengthening US Dollar and causing distress in the crypto market.

In a report from Bloomberg, Stefan von Haenisch from OSL SG Pte., Head of Trading, mentioned that the prevailing negativity regarding potential rate cuts has had a significant impact on the crypto industry. He stated that there has been a noticeable sell-off at the beginning of the week, affecting various sectors, especially those that have performed better than Bitcoin in the past six months, like meme coins.

Beatriz Garcia authored this analysis.