Crypto bloodbath: altcoins hemorrhage as Bitcoin drops below $63k

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The broad pullback comes as the Monday flows into the spot Bitcoin exchange-traded funds were negative for the first time since March 1, largely due to $642.5 million in outflows from Grayscale’s GBTC, its largest one-day outflow on record.provided by Farside shows that GBTC has now seen a total of more than $12.4 billion in outflows, while BlackRocks IBIT has recorded $12.96 billion in inflows.

Many analysts are now pointing to the halving as the next catalyst for Bitcoin and the broader crypto market and see prices trading sideways until that time. Addressing the heavy losses for derivatives traders, Robinson highlighted that “Leveraged traders tend to get wiped out when everyone believes profits are a sure thing, and sentiments have been very bullish. We are not surprised to see this correction ahead of the halving, liquidating the more extreme bullish bets before an upward continuation, and would definitely call something like this a ‘buy the dip’ opportunity.

And for those less experienced with cryptocurrency bull markets and the volatility that comes with them, market analyst Rekt Capital had the following words of advice for when to expect a resumption of the Bitcoin bull market.is a Crypto Market Reporter for Kitco Crypto. Coming from a background in Psychology and Human Behavior, he began to focus his attention on the cryptocurrency space in early 2017 after noticing the rapid growth of this emerging market.

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