Bitcoin Price Falls 4% in 24 Hours: Grayscale Outflows and BlackRock Inflows Pause
The price of bitcoin has taken a hit, falling 4% in the past 24 hours. This drop has caused the popular cryptocurrency to dip below $65,000, sparking concerns among investors. The decline in price comes after significant outflows from Grayscale’s exchange-traded fund GBTC, which saw $130 million leaving the fund on Wednesday.
Additionally, BlackRock, a major player in the financial world, paused a 71-day streak of inflows into its fund, signaling a potential shift in investor sentiment towards bitcoin. This lack of new funds coming into the market has dampened the momentum of the recent bitcoin bull run.
Other major cryptocurrencies have also experienced a downturn, with Solana posting a 7% fall in the past 24 hours. The global cryptocurrency market cap has decreased by 4.5% in the last day, with bitcoin dominance standing at 50.8% and ether’s at 15.4%.
Analysts are closely watching the market following the recent bitcoin halving event, which occurred over the weekend. While some anticipate a supply crunch leading to price appreciation in the coming months, others believe that the event was already priced into the market.
Overall, the cryptocurrency market is facing a period of uncertainty as investors navigate the recent price fluctuations. It remains to be seen how bitcoin and other digital assets will perform in the coming days and weeks.
