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Bitcoin (BTC) has dropped by almost 10% in the last 24 hours, raising concerns about possible reasons behind the fall.

After reaching a new ATH of $73,737 yesterday morning, Bitcoin saw a steep decline, dropping to $66,858.

Similar drops were observed across the entire cryptocurrency market. Ethereum, for example, fell by nearly 10%, while BNB dropped by 8%. Solana (SOL), on the other hand, resisted the downtrend and was among the few altcoins to rise.

These drops resulted in the liquidation of $680 million from 192,000 investors in the last 24 hours.

Why is Bitcoin falling?

On March 15, the on-chain analytics platform Lookonchain shared a transfer that could be the source of the drop.

According to the post, a Binance deposit wallet transferred 4,637 Bitcoins worth $329 million to hot wallets in the last 24 hours. While this doesn’t necessarily explain the drop, a similar transfer from the same wallet before the sharp decline on March 5 drew attention.

Meanwhile, an analyst from the Hong Kong-based exchange VDX explained that strong inflation data from the US has reduced expectations of a Fed interest rate cut, causing gold prices to drop. The analyst added that Bitcoin’s recent surge was seen as too rapid for the market to accurately price it.

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