Why did BTC price drop today? Here are the main reasons

FOMC and Fed rate tomorrow

April is coming to an end today, and the cryptocurrency market is expected to see greater volatility under the influence of high-impact news. On Wednesday, the U.S. Federal Reserve will announce the much-anticipated interest rate.  

As a result, some cryptocurrency traders have flocked to the stablecoin market. In addition, the crypto leverage market has liquidated more than $222 million in the past 24 hours.

Binance Co-founder and Former CEO CZ to be Sentenced Today

After pleading guilty to all charges against him, Binance's former CEO and co-founder Changpeng Zhao (alias CZ) will be sentenced today. His sentence will send shockwaves throughout the cryptocurrency market, marking an era. In addition, Binance is currently under close monitoring by U.S. financial institutions for the next five years.

Hong Kong Spot BTC and ETH ETFs Get Off to a Slow Start

After approving spot Bitcoin and Ethereum ETFs earlier this month, Hong Kong officially began trading on Tuesday. However, Hong Kong's six spot crypto ETFs only managed about $11 million on the first day, lower than the expected $100 million. It is worth noting that the first-day cumulative trading volume of Hong Kong spot crypto ETH was also significantly lower than that of the US spot BTC ETF, at approximately US$655 million.