Bitcoin plummeted by about 6%, pushing it to the $66,000 level.
As expectations that the United States will cut its benchmark interest rate in June have decreased, U.S. bond interest rates have surged by more than 10 basis points, and Bitcoin, the asset that has benefited most from liquidity, appears to have been greatly affected.
The fact that the Bitcoin spot box index fund (ETF), which had driven the price rise of Bitcoin since the beginning of this year, recorded a net outflow the previous day also had a negative impact.
According to CoinMarketCap on the 2nd, Bitcoin is trading at $66,700 as of 1 p.m., down 5.5% from the previous day.
Bitcoin plummeted nearly 5% in about 20 minutes from 11:20 a.m. on this day. Bitcoin, which had been hovering around $69,000, quickly fell to $66,000.
According to Coinglass, due to this sharp drop, long positions worth approximately $14.628 billion in all coins were liquidated on exchanges around the world within an hour from 11 a.m. on this day.
Federal Reserve Chairman Jerome Powell<[로이터 연합뉴스>
There are various interpretations of this plunge. Macroscopic reasons are the most important.
On the 1st (local time), the Institute for Supply Management (ISM) announced that the manufacturing purchasing managers’ index (PMI) for March was 50.3. It exceeded the market forecast of 48.1 and was higher than the previous month’s figure of 47.8.
This index indexes the activity status of each company’s purchasing managers. If it exceeds 50, it means that the industry is expanding, and if it does not exceed 50, it means that the industry is shrinking.
It has been 17 months since this index exceeded 50.
As indicators show that the U.S. economy is strong, the possibility of a base interest rate cut by the Federal Reserve in June has fallen below 50%.
On this day, in the New York Stock Market, interest rates on government bonds from 2-year maturity to 30-year maturity all surged (= fell in price) by more than 10bp (1bp = 0.01% point). It was the largest one-day increase this year.
Bitcoin, one of the assets that benefits most from liquidity, is bound to be adversely affected if the U.S. tightening tightening continues for a long time.
According to Farside Investors, the Bitcoin spot ETF turned into a net outflow on the 1st (local time).
On this day, there was a net outflow of $85.7 million worth of Bitcoin from the Bitcoin spot ETF listed in the United States.
Grayscale’s GBTC alone saw an outflow of $302.6 million worth of Bitcoin, leading to a net outflow of the total ETF inflow.
As ETFs have led the surge in the price of Bitcoin this year, concerns about a price decline have increased.
According to CryptoQuant, a blockchain data analysis company, the total amount of Bitcoin currently held by global virtual asset exchanges is 1,955,949, down 0.92% from the previous day.
The Coinbase premium, which indicates the buying sentiment of American investors, is 0.10%.
According to CryptoQuant, the kimchi premium, which indicates buying sentiment in the Korean market, is 6.84%.
Open interest, which represents the number of contracts that have not yet liquidated positions in the futures market, decreased by 6.7% from the previous day. It has decreased by 4.31% compared to a week ago.
Due to this sharp drop, a significant portion of outstanding contracts were resolved.
2024-04-02 05:06:38
#June #interest #rate #cut #closer…Bitcoin #falling매일코인
