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Bitcoin Sees Its Worst Monthly Decline Since August 2023

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Wed, 1/05/2024 - 7:55
Bitcoin Sees Its Worst Monthly Decline Since August 2023
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Bitcoin, the leading cryptocurrency, has just recorded its biggest monthly drop since August 2023. 

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The flagship cryptocurrency plunged as much as 15% in April, with macroeconomic concerns and slowing ETF flows becoming the main bearish headwinds. 

Bitcoin's terrible performance in April came after the largest cryptocurrency recorded eight consecutive months in the green, matching its long-standing record from 2012.   

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The largest cryptocurrency is down another 6% over the past 24 hours, plunging to an intraday low of $57,068 on the Bitstamp exchange. 

In the meantime, Bitcoin exchange-traded funds (ETFs) recorded another $161 million worth of outflows. Grayscale's GBTC alone lost $93.2 million. 

Meanwhile, Hong Kong's hotly anticipated cryptocurrency ETFs failed to live up to some bullish expectations. However, some Bitcoin evangelists still claimed that the launch was relatively successful given the small size of Hong Kong's ETF market.   

Notably, the "Fear and Greed" index has now dropped back to the "Neutral" level after the dramatic Bitcoin price crash. Prior to that, the index was alternating between "Greed" and "Extreme Greed." Some analysts believe that the market needs to cool down before another push higher. However, some technical indicators recently signaled that a larger correction could be on the cards.      

Bitcoin is down as much as 14% over the past week alone. The cryptocurrency is also down more than 20% from its all-time high of $73,737, which means that it has technically entered a bear market. 

Investor concerns about the US Federal Reserve postponing rate cuts due to stagnation fears appear to be the main bearish factor.  

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