The prospect of "higher and longer" interest rates is putting pressure on the cryptocurrency market, with Bitcoin experiencing its largest monthly decline since the collapse of SBF's FTX empire in November 2022. Bitcoin fell nearly 16% in April, and the Bitcoin and Ethereum ETFs launched in Hong Kong on Tuesday failed to provide momentum. Increasing evidence suggests that the Federal Reserve may signal a delay in interest rate cuts after this week's meeting. Chris Weston, research director at Pepperstone, said the recent rise in US Treasury yields and real interest rates is putting pressure on gold, Bitcoin, and the US stock market.
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Bitcoin records worst monthly performance since FTX collapse, interest rate outlook becomes a drag
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QCP: BTC's path to $100,000 has stalled, and ETH implied volatility has turned to put options
QCP Capital has published an analysis indicating that the recent drop in the price of Bitcoin has resulted in long liquidations exceeding $430 million. This drop coincides with the end of five consecutive days of net inflows for spot ETFs, which recorded a outflow of $438 million on Monday, while MicroStrategy fell by 4.4%. With the US holiday approaching and no immediate catalyst to push prices higher, BTC's path towards $100,000 has stalled. In addition, the implied volatility of ETH has turned to bearish options rather than bullish options, and market concerns about downside risks may intensify, especially with the release of the FOMC meeting minutes and PCE data. However, in the long run, this market decline is not an excessive correction. Bitcoin has only retreated to last week's level. Since Trump's election, the market has become extremely overbought and leveraged, so a pause is inevitable. -
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