Bitcoin and Ethereum are experiencing declines fueled by renewed inflation fears, slow GDP growth in the US, and underwhelming performances of newly launched ETFs in Hong Kong. Bitcoin trades near $63,000, down 2.5%, while Ethereum is down 3% at $3,150.

The crypto markets have been bleeding, with Bitcoin below $61,000 and Ethereum down 7% around $3,000, leading to a 4% decrease in the global market capitalization to $2.35 trillion. As Bitcoin tumbles below $60,000, concerns over interest rates, poor ETF debuts, and economic reports contribute to the market's worst month since the FTX crash.

Additionally, Ethereum faces a 9.5% price correction due to broader market declines, high transaction fees, and decreasing total value locked (TVL), raising investor concerns. Market analysts are closely monitoring Bitcoin's price levels, with expectations of further drops to $30,000 or $32,000 amid regulatory uncertainties and ongoing market volatility.