Bitcoin has continued its downward trend in the past few days, taking the entire cryptocurrency market with it.
At the start of the day, the flagship cryptocurrency was trading above $27,000. Shortly thereafter, the price began to headlong in search of new lows, which brings us to BTC’s current value of $25,785.
This represents a drop of nearly 6% over the past 24 hours and 7.3% on the weekly chart. The trading volume for the last 24 hours reached $21 billion, and the market capitalization fell to $497 billion.
At the time of writing, liquidations in the crypto market reached $323.3 million according to data from Coinglass with over 90% being long positions.
Ethereum also saw a significant drop in value of over 5% in the last 24 hours, trading at nearly $1,800 on a trading volume of $9.2 billion.
TradingView’s Bitcoin technical analysis looks extremely bearish as all indicators are in the red. Summary and moving averages point to “strong sales” with 15 and 12 signals respectively, while the oscillators show “sale” with 3.
Despite the bearish sentiment, recently the founder of the p2p platform BitMEX, Arthur Hayes, shared how withdrawals from American banks continue to rise and the situation is only going to get worse. According to him, this could divert some of the funds to riskier assets such as Bitcoin and other cryptocurrencies.
At the same time, he pointed out the correlation between the US Federal Reserve’s money supply and increases in Bitcoin prices. Hayes argues that it is the expected printing of US dollars that will give a boost to the the price of BTC.
2023-06-05 20:45:55
#Bitcoin #Drops
