Summary
Bitcoin experienced an 8% drop, the largest in a single day since FTX’s collapse. The price rebounded to $63,154.69, 1.6% lower than the day before and 14% lower than last week. The Crypto Fear and Greed Index shifted from Extreme Greed to Greed. The U.S. Federal Open Markets Committee will announce interest rates today, with most investors expecting rates to remain the same. Lowered or unchanged rates are seen as bullish for Bitcoin. Investors pulled $480 million from spot Bitcoin ETFs this week, but new spot Bitcoin ETFs have attracted funds to offset this.
Key Points
1. Bitcoin fell 8% yesterday in its biggest single-day drop since FTX’s collapse, leaving traders cautious.
2. The recent volatility in Bitcoin’s price has shifted the Crypto Fear and Greed Index from Extreme Greed to Greed.
3. Investors are uncertain about potential interest rate adjustments by the Federal Open Markets Committee, which could impact the crypto market’s volatility.