In 2024, Bitcoin saw a major price swing, dropping significantly to $55,300 after having crossed the $65,000 mark. This drop was the result of multiple factors, most notably the massive outflows from Bitcoin exchange-traded funds (ETFs). In just three days, over $500 million was withdrawn from these funds, with the largest withdrawal since May, which amounted to $287.8 million in a single day.
Despite continued optimism about lower interest rates in the United States and the support of crypto-friendly presidential candidate Donald Trump, this positive news was not enough to push Bitcoin’s price higher. Outflows negatively affected market confidence, leading to a price decline of nearly 25% since its high of $73,800 in March 2024.
These outflows are likely the result of changes in the behavior of US investors, who may have decided to sell their assets based on other economic factors or concerns about monetary policy. However, some in the crypto community remain optimistic that Bitcoin can rebound, especially with expectations of continued monetary stimulus.
Based on this scenario, markets remain on tenterhooks, especially if new developments in financial or political policies occur that could lead to new price volatility. Ultimately, despite the current declines, Bitcoin has always proven its ability to recover quickly, leaving the future open to all possibilities.
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