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    Home ยป Three Reasons Behind the Decline in Bitcoin Price
    Bitcoin

    Three Reasons Behind the Decline in Bitcoin Price

    By adminJun. 24, 2024No Comments2 Mins Read
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    Three Reasons Behind the Decline in Bitcoin Price
    Three Reasons Behind the Decline in Bitcoin Price
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    In the past 7 days, the value of Bitcoin has dropped nearly 7.5%, falling to around $61,000 at the time of writing.

    This sharp decline is occurring simultaneously with a significant shift in market sentiment.

    The fear and greed index in the cryptocurrency space has decreased from 60 to 48.7 in the past two weeks, transitioning from “greed” to “neutrality.”

    Many analysts believe that several major events in the cryptocurrency field have seemingly influenced this market trend.

    One of the main reasons for the recent price drop is the reduced activity of large investors in Bitcoin, often referred to as “whales.”

    The latest data from Santiment shows a significant decrease in trades worth over $100 million, dropping by 42% in just a few days.

    This is significant because a decrease in whale activity usually indicates caution. It may mean that large investors are waiting for further price drops before buying again or that they are avoiding further selling to prevent a rapid decline in prices.

    When whale activity decreases, it often indicates that the market is at a crossroads.

    Read more:

    Analysts predict the most severe Bitcoin crash in four years

    Liquidation has also played a significant role in driving the recent decline in Bitcoin prices. The cascading liquidation in the derivatives market has contributed to the downward trend.

    When the BTC price started to drop, it triggered a chain reaction in the derivatives market. Coinglass data shows that cryptocurrency positions worth $2.4 billion were liquidated in just 311.9 hours.

    Among these, $277.4 billion were long positions, meaning that most of the liquidations affected traders who were betting on price increases.

    While cascading liquidations are not the primary cause of the cryptocurrency price decline, they have certainly exacerbated the situation.

    Mt. Gox begins paying Bitcoin to victims of the bankruptcy

    The bankruptcy of the Bitcoin exchange Mt. Gox has further impacted the market. More than a decade after its collapse, the company announced that it will begin repaying its creditors, which could have an effect on the Bitcoin market.

    The exchange stated that payments in Bitcoin and Bitcoin Cash (BCH) will begin in early July.

    Mt. Gox holds 141,686 Bitcoins in its three portfolios, worth around $871 million.

    Concerns arise that many of the creditors may be eager to sell their long-awaited Bitcoin tokens. The influx of Bitcoin into the market worries investors about potential selling pressure.

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