The cryptocurrency market has been experiencing a rollercoaster ride lately, with Bitcoin's price fluctuating between $65,000 to $70,000 for five weeks.
According to Andri Fauzan Adziima, Head of Research at Bitrue, the first-quarter decline was primarily driven by outflows from Bitcoin ETFs, inflation stickiness, the Federal Reserve's cautious stance, and risk aversion fueled by geopolitical tensions in the Middle East.
However, analysts believe that this trend reversal may require renewed inflows of ETF funds, clear progress in US crypto-friendly regulation, and a shift towards looser monetary policy.