Let us see the reasons why the crypto market is down today
Crypto market analysts do not expect the Federal Market Committee (FOMC) to change interest rates, as investors are gradually getting used to the fact that the U.S. central bank may not cut rates at all this year.
As of May 1, 2024, the 11 Spot Bitcoin ETFs saw a collective net outflow of around $563.7 million, the largest since the funds began trading on January 11. This extended a five-day losing streak, according to data source ( CoinGlass).
Investors have pulled out around $1.2 billion from the ETFs since April 2024. Also, remarkably, BlackRockâs iShares Bitcoin Trust (IBIT) experienced its first-ever outflow on Wednesday, which saw nearly $36.9 million exit the fund.
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This is all based upon personal opinions I have no education nor professional experience as an economist.
