Bitcoin Drops Below $70,000 as Fed Holds Rates, Derivatives Market Drives the Selloff

TLDR: Bitcoin dropped 3% from $72,400 to under $70,000 hours after the Fed held interest rates steady. Derivatives sold 12x harder than spot, with perpetual futures CVD collapsing to -506.75 million. Funding rates flipped negative at -0.0024%, confirming the market had turned net short quickly. The next Fed meeting on May 6–7 and incoming CPI [...]

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