Bitcoin Tumbles Below $60K, Risking Deeper Pullback as Crypto Markets Endure Worst Month Since FTX Crash

Bitcoin has plunged below $60,000, marking a potential deeper pullback as the cryptocurrency sector experiences its worst month since the FTX collapse in November 2022. The downturn is largely driven by fears of more aggressive monetary policies from the Federal Reserve in response to recent strong U.S. economic data and rising inflation concerns. This has led to a nearly 18% loss in total crypto market capitalization and a significant sell-off across major cryptocurrencies including Ether and Solana.

In contrast, the debut of spot crypto ETFs in Hong Kong was not as disappointing as initially perceived, with the ChinaAMC Bitcoin product attracting significant assets. Despite the broader market downturn, this event suggests a growing interest in cryptocurrency investment products in Asian markets. The ongoing adjustments in U.S. monetary policy and its impact on the dollar are also influencing the crypto markets, hinting at a potentially extended bearish phase for digital assets.