The cryptocurrency's price fell nearly 16 percent in April.
This is Bitcoin's worst decline since the collapse of crypto entrepreneur Sam Bankman Fried's FTX empire in November 2022.
In March, the price of Bitcoin exceeded $73,000. Now the price has dropped to $56,000.
In just the past 24 hours, the coin has fallen by almost 9 percent.
According to Bloomberg, expectations of subsequent interest rate cuts in the United States play a role in the decline in prices.
Chris Weston, head of research at Pepperstone Group, said in a note, according to the newspaper, that recent interest rate moves were “toxic for gold, bitcoin and US stocks.”
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– There will be a long line of buyers in the future
The price is still high
Meanwhile, the price of Bitcoin is up 35% so far this year, which is double what the price was last year at the same time.
This is largely due to the billions of dollars that have flowed into newly developed exchange-traded funds since January, according to Reuters.
– The downward trend may be related to an increase in the number of profit-seeking investors entering the market in 2022 and 2023, says analyst Matteo Greco at the financial company Fineqia.
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