Bitcoin experienced a drop in value, falling over 4% to approximately $58,000. This decline coincided with a broader market downturn, where other major cryptocurrencies also experienced losses ranging from 2.5% to 3.8%. The drop in Bitcoin’s price came after the release of U.S. Consumer Price Index (CPI) data, despite positive reactions in the stock market. U.S.-listed spot Bitcoin exchange-traded funds (ETFs) saw a net outflow of $81 million, with Grayscale’s GBTC being the most affected. However, Ether ETFs saw continued inflows, with BlackRock’s ETHA notably gaining. Some traders anticipate that Bitcoin’s price could drop further to as low as $55,000 before potentially rebounding. In addition to Bitcoin’s decline, major tokens such as Ether, Solana, Cardano, BNB Chain, and XRP also experienced losses.
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Bitcoin Drops to $58K After U.S. CPI Print, BTC ETFs Record $81M Outflow
