Bitcoin and other cryptocurrencies experienced a sharp decline, with Bitcoin dropping 5% and trading at $66,600. This decline was accompanied by outflows from U.S.-listed spot Bitcoin ETFs, with $65 million leaving the market.
Market uncertainty grew due to concerns over the property market, right-wing party gains in European elections, and upcoming U.S. CPI release and Fed rate decision.
Analysts predict further price drops for Bitcoin, with some expecting it to reach as low as $30,000 or $32,000. Traders are bracing for volatility influenced by the FOMC meeting and CPI report.
Despite the dips, optimism remains high, with predictions that Bitcoin could reach $150,000 this year.
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