Key Reason Behind Bitcoin (BTC) Price Fall

Key Reason Behind Bitcoin (BTC) Price Fall

Bitcoin has seen a significant drop today, plummeting to an intraday low of $39,494.65.

Content
Advertisement

Bitcoin has seen a significant drop today, plummeting to an intraday low of $39,494.65.

This latest drop has reduced its market capitalization to $784.8 billion with 24-hour trading volume reaching $30 billion.

As of the last update, Bitcoin has recovered slightly, trading around $40,032.31, but the 24-hour range indicates a tumultuous period for the cryptocurrency, having ranged between $39,494.65 and $41,269.88.

Understanding liquidation

The downward trend in Bitcoin value can largely be attributed to significant outflows from Bitcoin exchange-traded funds (ETFs).

In particular, the Grayscale Bitcoin Trust (GBTC) witnessed a staggering outflow of $640 million in just one day, the largest outflow it has ever experienced. The total amount withdrawn so far amounts to about $3.45 billion.

James Seyffart, the leading NFT analyst, pointed to this trend in its publication on social networks, underlining the increasing pace of these departures.

Related
Jim Cramer: Bitcoin (BTC) Price Will Not Find Balance

Additionally, analyst Holger Zschaepitz highlighted lower enthusiasm for Bitcoin ETFs, which coincides with a drop in the correlation between Bitcoin and tech stocks, which currently sits at a low of 0.3 last week.

Bearish sentiment from market analysts

The recent bearish sentiment around Bitcoin has fueled bearish posts from prominent detractors.

Peter Schiff, a well-known Bitcoin critic, took to X to express his bearish bias, focusing particularly on the ProShares Bitcoin Strategy ETF. This ETF, which tracks Bitcoin futures, has seen a drop of more than 50% in just over two years since its launch in October 2021. Schiff believes other ETFs are suffering the same fate.

Jim Cramer, another influential voice in the financial world, succinctly summed up the situation with a post saying: “Bitcoin = own hard,” after previously predicting that the flagship cryptocurrency would struggle to find a footing.

Leave a Reply

Your email address will not be published. Required fields are marked *

Best Exchanges
Buy, trade, and hold 600+ cryptocurrencies on Binance
Buy, trade, and hold 450+ cryptocurrencies on ByBit
Buy, trade, and hold 150+ cryptocurrencies on Kucoin
Buy, trade, and hold 100+ cryptocurrencies on BitFinex 
Buy, trade, and hold 150+ cryptocurrencies on CoinBase

Guru Investing is an independent source of information about investing , not controlled by any broker. All our reviews and guides are created honestly, according to the best knowledge and judgement of the members of our independent expert team; however, they are intended for informative purposes only and should not be construed as, nor relied upon as, legal advice. You should always make sure that you meet all regulatory requirements before making any financial operations . Copyright ©2024 Email for contact [email protected]
follow telegram
pornhd.com hindisexyporn.com kashmiri girls sex jayasex indaporn.info desi bhabi xxx xlnindia sexo-vids.com 1st time sex video たかはししょうこ動画 javfuck.mobi 真正中出し3本番 彩乃なな sex film sexy film xxxhindividoes.com xnxx indian teens
ano nga ba ang pangarap iwantmoreteleserye.com hello heart episode 3 reshma hot saree images nuporn.mobi xvidies com bihar chudai tubezaur.mobi heroine photo hot dasixx hardcoreporntrends.com ileana d'cruz hot photoshoot www.xxxsexvideo.com xbeegtube.mobi hindi movi
www sxe vidoes erohardcore.info boops sucking dehati fuck kitporn.info chuk chuk rail fuckcomix.com mojoporntube.net gujaratisexvidio probinsyano october 18 2021 full episode freeteleseryetv.net ang probinsyano july 14 2022 قصص سكس كرتون cmsextra.net سكس بنات تخينة