Bitcoin and Ethereum Experienced Sharp Drops:🔥💥🔥💥
Summary Bitcoin went down below $67, 000 while Ethereum continued its slipping under $2, 000 as traders reacted to a hawkish macro outlook for the US. The nomination of Kevin Warsh for Federal Reserve chair has stirred expectations of tighter liquidity and fewer rate cuts.
Bitcoin Price: It decreased to $66, 804, being 3.1% lower in 24 hours with the latest prices around $67, 173.46.
Ethereum Price: It went down 4.1% ending at $1, 965.
Other Cryptocurrencies: XRP was down 4.3%, and BNB lost 4.5%.
Analyst Comments: Andri Fauzan Adziima explained the setback by saying "the nomination of Warsh has pushed the market to anticipate less Fed accommodation, " hence Warsh's nomination being a turning point for expecting tighter liquidity and fewer rate cuts.
Market Movements, Institutional Capital: As per Vincent Liu, institutional capital seems to be hesitant and is waiting for more straightforward catalysts before coming back to the market.
Derivatives Data:
It points out that excessive leverage has been removed with the help of funding rates which show that most leveraged positions have been closed.
ETF Inflows
Spot Bitcoin ETFs: Net inflows of $166.56 million were recorded on Tuesday, much higher than $145 million a day before.
Spot Ethereum ETFs:
Modest inflows worth $13.82 million was the result of the investors' activities in this market.
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