Why did Bitcoin fall today

08/05/2023 18:59 • Tech Trends • 72 views

Why is Bitcoin down today? There are three reasons why Bitcoin is down today. 1、 A large part of the market’s surge yesterday was due to retail investors in the coin industry taking bottom bets, with many people bearish on Bitcoin; The second is the sharp decline in mainstream counterfeit currencies, which most people believe is the result of market manipulation by the market makers 2. Why did Bitcoin decline today? There are three reasons: 1. Bitcoin fell from $7000 to over 8000 points. This rise is mainly influenced by the printing of money by global central banks, as well as the recent uncertainty of US monetary policy, which has entered a bear market stage. With the continuous expansion of the digital currency market and people’s increasing acceptance of digital assets, many investors have begun to turn their attention to this emerging market

3. Recently, the number of DeFi projects on Ethereum has continued to decline. The lockdown volume of these projects has also significantly decreased, but this situation is changing 4. It is said that Bitcoin 2.0 will be released in the first quarter of this year. If Ethereum will reach US $200 billion at the end of last year, it may be close to US $200 billion in the second half of this year. Therefore, the price of Bitcoin is still very high now, but let’s not forget that Bitcoin is actually a very small synonym (such as DeFi). The price trend of Bitcoin is: how does it go? Why did Bitcoin suddenly plummet Bitcoin has been in a very niche market since 2017. Although its price fluctuation is not significant, its development history is very large, and it can even be said to be a very noteworthy thing In the past decade, Bitcoin has been adopted as an investment tool for many years and has received recognition and support from many people, especially in recent years. When Cryptocurrency becomes more mature, it can often become a more attractive investment product because it has certain value

3. There are many hyped foam about decentralized applications in the market today, and there are also some novel applications, including NFT. These are all aimed at promoting the growth and development of Cryptocurrency, making more people realize the benefits of decentralization, so as to better understand the development trend of blockchain technology Why is Bitcoin declining today? In the past 24 hours, it has dropped from around $33000 to around $30000. Although the price has not yet broken through the resistance level of $40000, Bitcoin has started to plummet significantly. Although the trading volume of Bitcoin has increased, its market value is only second to that of the S&P 500 Index ($4.78 trillion as of the time of writing), while the Nasdaq Composite has reached a record high of $6.38 trillion Due to poor market liquidity and rising global economic recession risks, investors’ risk aversion has surged. However, as the US stock market surged and continued to decline, the price of Bitcoin also showed a significant decline. Since the beginning of 2018, BTC has been in a sideways adjustment; According to Bitcoinist.com’s analysis, this rebound may be related to last Friday’s sharp drop. In addition, according to Bloomberg, Bitcoin continued to decline after hitting the $29000 mark on Thursday. However, this digital currency remains one of the best performing cryptocurrency assets in recent times.

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Why did Bitcoin fall today

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