Cryptocurrency markets faced a downturn as Bitcoin and other major tokens dropped over 3% due to profit-taking following a rally. Bitcoin's price fell to approximately $83,500 from a high of over $84,200. Cardano's ADA and Ether also saw significant losses, leading the downtrend in major cryptocurrencies. This slump coincided with Asian markets, particularly Chinese stocks, which dropped despite a 5.4% growth in the Chinese economy for the first quarter. Large investors have reduced Bitcoin selling as they acknowledge losses, with only about 300,000 BTC being sold daily compared to a peak of 800,000 BTC in late February. However, accumulation by these investors remains weak. Meanwhile, XRP's price is projected to decline despite positive developments for its exchange-traded fund (ETF), with ProShares planning a launch date for its spot XRP ETF by April 30. As economic forecasts for a potential U.S. recession grow, traders' risk-off strategies continue to impact crypto markets. Analysts are increasingly viewing Bitcoin as a safe-haven asset amid traditional market volatility, even as uncertainties persist in the overall market landscape.

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