Bitcoin drops by 16% in April

Bitcoin experienced a third consecutive day of decline on Wednesday, following its worst monthly performance since late 2022, with a nearly 16 per cent drop in value in April, as reported by Reuters.

The decrease comes despite a recent surge that pushed Bitcoin to record highs above $70,000.

As of the latest update, Bitcoin was down 3.8 per cent , trading at $57,481, its lowest since late February, while ether, another major cryptocurrency, saw a more modest decline of 2.6 per cent , trading at $2,884, its weakest since mid-April.

These developments come ahead of a key interest rate decision by the Federal Reserve and crucial US labour market data. While the Fed is not expected to alter interest rates, a growing sentiment among investors suggests that there may be no rate cuts this year.

This could impact interest rate-sensitive assets such as cryptocurrencies, emerging market stocks and bonds, and even commodities.