Business News Asia
Bitcoin price falls again today. As of today (April 6) Bitcoin fell by 3.11% to $45,324.56.
Bitcoin moved into negative territory this morning after the Dow Jones Industrial Average closed down 280 points on Tuesday (April 5) as the bond market continued to point to a recession.
- The Dow Jones Industrial Average fell 280.70 points, or 0.80%, to close at 34,641.18.
- The S&P 500 fell 57.52 points, or 1.26%, to close at 4,525.12 points.
- The NASDAQ fell 328.39 points, or 2.26%, to close at 14,204.17.
Movements in the Crypto Market
Recently, nearly 100,000 BTC have flown out of global trading centers, reflecting the bottom.
Glassnode, a data analytics company, said bitcoin outflows from crypto exchanges have risen to unprecedented levels.
After rallying in the first quarter, bitcoin price volatility continued to decline before recovering last week and regaining its footing this week.
Glassnode’s data suggests that the key element to Bitcoin’s return to bullishness is the total amount of Bitcoins flowing from each exchange. This amount of outflows was last seen in March 2020.
While ZyCrypto’s analysis shows that the bitcoin price is currently trading at a 55% discount, some investors like Mike Novogratz don’t see the bitcoin price rising much yet this year due to uncertain regulation in developing countries.