Bitcoin Holds Ground as ETF Outflows Continue
Crypto News- Bitcoin has stabilized after plunging below $67,000 on Tuesday, with traders eagerly awaiting key macroeconomic reports from the U.S. BTC edged up toward $68,000 during the late European morning, marking a 1.3% increase in the last 24 hours. Ether also saw a modest rise of around 0.2%, bringing it just under $3,550. The CoinDesk 20 Index (CD20), which tracks the broader digital asset market, rose by about 0.25% over the same period. All eyes are on the U.S. CPI data and the Federal Open Market Committee (FOMC) meeting outcome, which will shed light on the Fed’s monetary policy.
Bitcoin ETFs Experience Significant Outflows Amid Market Caution
Bitcoin ETFs saw a second consecutive day of outflows on Tuesday, with $200 million exiting 11 spot products in the U.S., the largest since May 1. Grayscale’s GBTC was hit hardest, with $120 million in outflows. ARK 21Shares’ ARKB, Bitwise’s BITB, and VanEck’s HODL experienced outflows ranging from $57 million to $7 million. “Markets are in risk-off mode ahead of CPI and FOMC tomorrow. This month’s FOMC will also release the Dot Plot, which will show the market how many cuts the Fed expects for the rest of 2024,” QCP Capital, based in Singapore, said in a broadcast message on Tuesday. Despite short-term challenges, the firm remains bullish in the long term.
Donald Trump has called for all remaining bitcoin to be “made in the U.S.A.” after meeting with executives from mining companies CleanSpark and Riot. The Republican presidential candidate described bitcoin mining as the U.S.’s “last line of defense against a CBDC,” claiming that President Biden’s “hatred of bitcoin” benefits China and Russia. “We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT,” Trump wrote on Truth Social late Tuesday. Current data shows that the U.S. already leads in bitcoin mining, accounting for 37.84% of the network’s total hash power. Trump’s statement suggests he aims to significantly increase this figure.
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FAQ
What caused Bitcoin to stabilize after its recent drop below $67,000?
Bitcoin stabilized as it approached $68,000, marking a 1.3% increase in 24 hours, with traders awaiting key U.S. macroeconomic reports.
What events are traders eagerly awaiting in the U.S.?
Traders are closely monitoring the U.S. Consumer Price Index (CPI) data and the outcome of the Federal Open Market Committee (FOMC) meeting for insights into monetary policy.
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