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Bitcoin Price Update Amid Rate Jitters and DTCC Headwinds:

Bitcoin’s price faced a decline on Monday amidst prevailing negative sentiment toward cryptocurrencies, influenced by expectations of sustained high U.S. interest rates and changes to collateral rules by the DTCC.

Bitcoin Price Movement:

• Recent Decline: Bitcoin experienced a 2.5% decrease over the past 24 hours, falling to $62,314.6 by 01:37 ET (05:37 GMT). It now trades closer to the lower end of the $60,000 to $70,000 range established since mid-March.

Impact of DTCC Decision:

• DTCC Collateral Revisions: The DTCC announced it would no longer allocate collateral to investment funds with exposure to Bitcoin and crypto, effective April 30. This decision lessens the appeal of crypto, often used for speculative purposes.

Factors Influencing Bitcoin’s Performance:

• Rate Concerns: Fear of sustained high U.S. interest rates weighed heavily on Bitcoin, compounded by the DTCC’s decision. Cryptocurrencies typically thrive in a low-rate, high-liquidity environment.
• PCE Price Index Data: Hotter-than-expected PCE price index data, the Fed’s preferred inflation gauge, added pressure to crypto markets. Persistent inflation concerns have hindered the Fed’s willingness to cut rates.
• Awaiting Fed Meeting: Market attention is focused on the upcoming Fed meeting for further guidance on interest rates. The Fed is anticipated to maintain rates for now, with potential rate cuts expected no earlier than September or the fourth quarter.

Altcoins Performance:

• Tracking Bitcoin Losses: Major altcoins mirrored Bitcoin’s losses as overall sentiment toward crypto remained negative. Ethereum fell 3.4% to $3,202.01, while XRP and Solana declined by 3% and 4.5%, respectively.

Tech Stock Influence:

• Limited Support from Tech Stocks: Despite gains in technology stocks, including strong earnings from U.S. tech giants like Microsoft Corporation and Google parent Alphabet Inc, crypto prices did not benefit significantly. The correlation between crypto and U.S. tech stocks has shifted recently, with risk-off sentiment in tech contributing to extended declines in crypto.

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