Bitcoin after reaching a record level of $ 73,738 in March 2024, it suffered a major decline , losing 15.51 percent in value in the last month. This was the biggest monthly loss since November 2022, after the collapse of the FTX exchange, when Bitcoin volume fell below $1 trillion. The general decline in cryptocurrency markets was not limited to Bitcoin, but according to the CoinDesk 20 index, there was another 6.23 percent drop in the last 24 hours. Economic factors and market corrections are cited as the main reasons behind these declines.
Hong Kong Stock Exchange also failed to stem the decline
The failure of spot mutual funds to perform as expected on the Hong Kong stock exchange increased the interest yield risk in the markets and led investors to sell cryptocurrencies. This situation caused declines in other cryptocurrencies, especially Bitcoin. In addition, the recent stagnation of Nasdaq and Borsa Istanbul in the US has led investors to safer investment instruments. This has a negative impact on cryptocurrency markets.
Future Forecasts and Investor Recommendations
This decline in cryptocurrency markets is expected to continue for a while. John Glover, Chief Investment Officer at crypto firm Ledn, suggests that Bitcoin’s price will fall to the $50-55,000 range. This situation is considered as a process that should be carefully monitored for cryptocurrency investors.
This content is not investment advice!