Bitcoin Plunges in Deeper Correction as Stocks Surge on Fed Rate Hike Speculation

The deeper correction that analysts had been warning about hit the crypto market on Tuesday as Bitcoin (BTC) underwent a selloff that briefly erased all of its gains over the past week before dip buyers arrived to push it back above support at $35,500. Stocks surged at the market open and remained well into the green throughout the day as traders took the lower-than-expected Consumer Price Index report to mean that the Federal Reserve would not be raising interest rates in the near future.

This prompted many to adopt a risk-on approach that benefited equities, gold, and silver, to the detriment of Treasury yields and the U.S. dollar. At the market close, the S&P, Dow, and Nasdaq all finished higher, up 1.91%, 1.43%, and 2.37%, respectively. Data provided by TraingView shows that Bitcoin bulls started the day attempting to fend off bearish pressure at $36,400, but lost the battle during the morning trading session, resulting in a BTC plunge to a daily low of $34,76

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Institutional Buyers Continue to Invest in Cryptocurrency MarketInstitutional buyers are showing continued interest in the cryptocurrency market as digital asset investment products experience their seventh consecutive week of inflows. Bitcoin remains the dominant player in this activity, accounting for the majority of the inflows. According to CoinShares, the total assets under management of digital asset products increased by $293 million last week, marking the second-highest week of inflows in the past year. The 7-week running total has now surpassed $1 billion, with year-to-date inflows reaching $1.14 billion. This total is the third-highest yearly inflow on record. The recent inflows and price appreciation have led to a 9.6% increase in total assets under management over the past week and a 99% increase since the beginning of the year. The current total assets under management of digital asset products stand at $44.3 billion, the highest since the major crypto fund failures in May 2022.
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