Bitcoin (BTC) fell to the $93,000 range last week as the Federal Reserve's interest rate cut and profit-taking led to a continued correction.
The latest drop reportedly marks the first weekly decline since President Donald Trump was elected last month.
As of 1:35 p.m. on the 23rd (Japan time), the overseas Bitcoin price based on CoinMarketCap was down 0.87% from the same time the previous day to $95,650 (approximately 14.97 million yen).
The US Federal Reserve Board (FRB) has reduced its forecast for the number of interest rate cuts next year from four to two.
In addition to the ongoing fallout, it is analyzed that profit-taking selling is still flooding in after Bitcoin recently surpassed $108,000 to set a new record high.
Funds also flowed out of Bitcoin spot exchange-traded funds (ETFs). The US Bitcoin spot ETF was listed on the 18th, before the Fed's position was announced.
The ETF continued its "net inflow rally" for 15 consecutive trading days until 10:00 p.m. (local time). This means that more funds flowed into the ETF than flowed out.
However, on the 19th (local time), the US Bitcoin spot ETF experienced the largest net outflow in history, with a total of 600 million
On the 20th, the market recorded a net outflow of $71.8 million, the second consecutive trading day of net outflows. Nevertheless, experts are optimistic.
On the 22nd (local time) via X (formerly Twitter), the sentiment of the group stated, "Currently, investors are showing intense FUD (fear, uncertainty, doubt). The market is dominated by retail (individual investors)
) is likely to go against expectations," he said, predicting a future rise.
2024/12/23 14:56 KST
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