First Mover Americas: BTC Stabilizes Around $58K Following Yesterday's Rout

Jamie Crawley is a CoinDesk news reporter based in London.

Chair Powell said the economy is too strong to cut rates while ruling out increases despite disappointing inflation figures. Having lost the $60,000 support level late on Tuesday, BTC fell as low as $56,500 yesterday, with U.S. spot ETFs seeing outflows of $563.7 million, the highest daily figure since the funds listed in January. At the time of writing bitcoin was priced at $58,282, up 1.4% over 24 hours.

Fidelity’s FBTC spearheaded outflows on Wednesday, losing $191.1 million in withdrawals, while Grayscale's GBTC saw $167.4 million pulled. Bitcoin, like other risk assets, is sensitive to changes in liquidity conditions and witnessed a brief rally from $56,620 to $59,430 on Wednesday after the Fed said it would curtail its quantitative tightening measures in June and introduced a program to buy back billions of dollars of government debt to improve liquidity in the bond market.

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