Bitcoin's price has dropped to its lowest in 10 days as it nears the end of April. The price has struggled after a week of heavy selling when Wall Street was trading. Issues in the economy and world politics have made it tough for Bitcoin enthusiasts this month. There are only a few days left for Bitcoin to avoid April being its worst month in 2024.
Currently, it's hard for the price to go up. There are a lot of sellers, and even though a new high price could be $12,000 away, it seems unlikely to reach that soon. People watching the market think the price might drop further.
Some are hopeful, believing Bitcoin's price is just going through a rough patch and will rise again like it did earlier in the year.
There might be some good news soon. Hong Kong is planning to launch its own Bitcoin funds, similar to ones in the United States, which might help Bitcoin's price recover.
Bitcoin risks worst month since November 2022
Bitcoin's price kept falling as trading continued in Asia this week. It dropped to $60.100 on Bitstamp, the lowest it's been since April 19, according to TradingView.
Last week, Bitcoin's price tried to bounce back to $65,000 but faced selling each time during the Wall Street trading hours. A popular trader named Skew said this selling was likely due to automated trading systems in the U.S. Skew also mentioned that Bitcoin's price might continue to move up and down between $67,000 and $58,000 until there's enough buying support for a significant price increase.
Despite the downward trend, Bitcoin has not stayed below $60,000 for very long. Even though the price is around $62,000 now, April is still set to end with a loss of more than 12%.
Data from CoinGlass confirms that this will be Bitcoin's worst month since November 2022, during the most recent low period in the market.
Hong Kong Bitcoin ETFs due for launch
Next week, Hong Kong will start offering Bitcoin ETFs (Exchange-Traded Funds), a significant step similar to what the U.S. did earlier this year. This move is expected to draw a lot of attention and could affect Bitcoin's price. According to a report by Willy Woo, based on Huobi's data, there's a high demand for these ETFs, especially since there are more crypto users in Asia than in the U.S. and Europe combined.
The House of Chimera, a research group, suggests that these new ETFs could bring in around $25 billion, potentially stabilizing Bitcoin's market by increasing the amount of money involved. However, they also warned that participation from Chinese investors might be limited due to strict regulations.
Overall, the success of these Bitcoin ETFs in Hong Kong will depend on regulatory decisions, investor interest, and broader economic factors that influence cryptocurrency prices.
FAQs
Q1. What is happening with Bitcoin's price?
Bitcoin's price has dropped to its lowest in 10 days, struggling after a week of heavy selling. As April ends, it could be Bitcoin's worst month in 2024.
Q2. What is a Bitcoin ETF?
A Bitcoin ETF (Exchange-Traded Fund) allows investors to invest in Bitcoin without directly buying the cryptocurrency. It's a way to invest in Bitcoin through stock exchanges.
Q3. How might the new Bitcoin ETFs affect the market?
The ETFs could bring in about $25 billion, which might help stabilize the market by increasing the money flowing into Bitcoin.
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