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Bitcoin sank Wednesday before the US Federal Reserves interest rate call, and after a mixed launch in Hong Kong of investment products tracking the worlds top cryptocurrency and rival ether. However, Hong Kongs first spot bitcoin and ether ETFs, launched on Tuesday, received a lukewarm reception.

In their Hong Kong debut on Tuesday, six spot Bitcoin and Ether exchange-traded funds (ETFs) delivered mixed performances amid relatively tepid trading, reflecting the citys assessment of Asian investors interest in cryptocurrency assets.

Bitcoins price dropped by 5.60% to $66,650 due to fading enthusiasm in the crypto market. US manufacturing showed growth in March after 16 months of contraction, raising expectations that the Federal Reserve may not cut rates in June. Bond traders adjusted expectations for monetary policy easing.

Bitcoin is forecast to keep on rising after hitting fresh two-year highs above $50,000 on Thursday, leaving analysts to wonder whether investors have moved on from recent cryptocurrency setbacks, including scandals. The worlds biggest cryptocurrency reached $52,749, a high since December 2021.

In early trade on Saturday, Bitcoin was trading over 5% higher at $42,003. Also, as per reports, over $4 billion of funds have flowed into the new spot bitcoin ETFs, particularly to products operated by BlackRock and Fidelity.

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Bitcoin was trading above $41,600 at around 5:27 pm on Monday. The worlds largest cryptocurrency remains well below its 2020 record price of nearly $69,000, but the rally marks a recovery following the high-profile scandals and collapses that rocked the crypto industry.

The worlds biggest cryptocurrency rose as high as $42,162 on Monday, its highest since April 2022, seemingly casting off the funk that had settled over crypto markets following the collapse of FTX and other crypto-business failures last year. It was up 6.49% at $41,311.26 as of 1605 GMT.

Other digital assets followed suit, with smaller tokens such as Solana, Litecoin and Bitcoin Cash rallying

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