Bitcoin price news: BTC trades sharply lower on Wednesday, giving up large chunk of Friday gains
Bitcoin fell sharply below $66,000 on Wednesday, erasing much of the previous Friday's nearly 20% rally.Summary
Bitcoin experienced a sharp decline on Wednesday, trading just below $66,000, giving back a significant portion of the massive rally from the preceding Friday when it briefly neared $72,000 after hitting a low of $60,000. This downturn coincides with broader investor interest shifting away from crypto as other asset markets rally. The move followed a surprisingly strong U.S. jobs report showing lower unemployment, which caused interest rate traders to significantly reduce expectations for imminent Federal Reserve rate cuts. Open interest in Bitcoin perpetual futures has dropped substantially, signaling waning trader conviction. Furthermore, crypto-related stocks, including Robinhood and Coinbase, were sharply lower, reflecting sector-wide weakness amid reports of retail investors exiting crypto for traditional markets like South Korea's Kospi, which is hitting record highs.
(Source：CoinDesk)