Bitcoin slid by almost 6% on Wednesday, having posted its worst monthly performance in April since late 2022, as investors pulled money out of cryptocurrencies ahead of an interest rate decision by the Federal Reserve later.
The value of the world’s most traded cryptocurrency fell by nearly 16% in April, as investors booked profits on a sizzling rally that has taken the price to record highs above $70,000.

Bitcoin fell by as much as 5.6% to its lowest since late February. It was last down 4.8% at $57,001, while losses in ether were more modest, down 3.6% at $2,857, also at its weakest since February.

The price of bitcoin is now a full 22% below March’s record of $73,803, technically putting it in a bear market. But it is still up 35% so far this year and double where it was this time last year, thanks in large part to the billions of dollars flowing into newly minted exchange-traded funds since January.

“The recent downtrend can be attributed to increased profit-taking by investors who entered the market during the downturns of 2022 and 2023, as well as ETF investors who witnessed significant price appreciation on their shares after entering the market in the early weeks of 2024,” Fineqia research analyst Matteo Greco said.

Crypto-related stocks fell in U.S. premarket trading. Shares in crypto exchange Coinbase (COIN.O)

, opens new tab fell 4.6%, while those in miners Riot (RIOT.O), opens new tab and Marathon Digital (MARA.O), opens new tab dropped 4.2-4.3%.