Why Bitcoin Prices are Falling (Why Bitcoin Prices are Surging)
Why are Bitcoin prices falling? In the past few days, the price of Bitcoin has e
Why are Bitcoin prices falling? In the past few days, the price of Bitcoin has experienced a significant increase. However, as time passes, there have also been significant changes and fluctuations. The reason for the sharp decline in Bitcoin prices is due to its network effect causing a decrease. From a technical analysis perspective, despite lingering in an upward trend for the past few months, Bitcoin is still relatively low. Therefore, we believe this is one of the main reasons for the recent trend of Bitcoin.
When the BTC price started to decline after surpassing $10,000, further declines occurred. According to data from Glassnode, trading volume has been continuously decreasing since March 2018. This indicates that investors have lost a lot of profits. Additionally, there are other factors that may have contributed to this impact: Bitcoin mining difficulty is expected to decrease; Bitcoin prices may continue to rise this year; similar to the bull market in 2017, Bitcoin prices also experienced a decline at the beginning of 2020 and reached a new all-time high at the end of 2021.
Why are Bitcoin Prices Surging
According to CCN, the reason behind the rising prices is the continuous climb of Bitcoin prices. In the past month (November 8th to 10th, 2020), BTC rose from $39,000 to $48,000. Due to recent market volatility and uncertainty factors influencing Bitcoin prices, many investors see it as a means to hedge against inflation and mitigate risks. Additionally, despite the continuous decline in trading volume and market capitalization in the cryptocurrency market, Bitcoin has still shown steady growth in the past few months and outperformed most altcoins.
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