Why Did Bitcoin Price Drop Today

The drop in cryptocurrencies today was driven by Elon Musks comments over the weekend about Dogecoin and Bitcoin. Why value of the currency has dropped and todays price in USD and GBP Charlie Duffield.

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The cryptocurrency market has been called unpredictable due to its high volatility.

Why did bitcoin price drop today. Sign up to our daily newsletter The i. Bitcoins price crashed on Sunday after hitting record highs of over 64000 46000 earlier in the week. BTC-USD is falling more than 9 today.

At its intraday low the cryptocurrencys loss for the past week was. Another significant factor contributing to the price decline was the comparatively high financing costs for longing Bitcoin. This along with high technical resistance at 64000-65000 were most likely the reasons why BTC checked 60000 support.

Specifically Tesla CEO Elon Musk said Tesla would no longer accept Bitcoin because of environmental factors as I wrote for the Deseret News. The price of Bitcoin has been on a seemingly unstoppable ascent since November 2020 to reach the promised land and all-time high of 20000 this month. The extreme volatility that has marked bitcoins emergence in recent years was on full display when its price plunged as much as 29 earlier this.

While a drop as large as this can cause pain for short term tradersabout 1 billion was liquidated today as a result of the price dropit doesnt come as much of a surprise. Why did Bitcoin drop in value. Bitcoin likely suffered such a massive drop because its facing some negative news CNBC reports.

NewsBTC is a cryptocurrency news service that covers bitcoin news today technical analysis forecasts for bitcoin price and other altcoinsHere at NewsBTC we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies. Bitcoin and Dogecoin dropped for similar but different reasons. This narrative which was played out in.

We cover BTC news related to bitcoin exchanges bitcoin mining and price forecasts for various cryptocurrencies. For Bitcoin much of the drop can be attributed to Musk who said Tesla would stop accepting Bitcoin until it became more environmentally friendly as I wrote for the Deseret News. Buoyed by increasing institutional interest after PayPals foray in crypto custodianship tightening supply thanks to the Bitcoin halving mining reduction and the weakening US.

Bitcoin price crash. Why did Bitcoin roll over then. History tells us that Bitcoin is prone to significant price corrections during bull runs or when the cryptocurrency is in uncharted territory.

Bitcoin News is the worlds premier 247 news feed covering everything bitcoin-related including world economy exchange rates and money politics. Indeed Bitcoins volatility has spiked corroborating Pals point. ETH-USD is decreasing more than 9 as of this writing.

Bitcoin rebounded as the day went on was down 12 to about 3820549 shortly after 3 pm. One is that low-quality altcoins took over and the second is that commodities exchanges launched Bitcoin futures. Dollar Bitcoins 2020 bull run while sharing a similar time.

Buy Uniswap Uni with up to 50 discount. Last week Musk said that Tesla NASDAQTSLA will stop taking Bitcoin as payment. Its value fell below 54000 39000 a 15 per cent fall that represented its.

Bitcoin the worlds largest digital currency saw its value drop about 5 per cent to 51847 36883 after chief executive officer Musk tweeted the news. XRP-USD is dropping over 5 of its value today. He said the drop may be related to hedge funds that were long Bitcoin having to liquidate citing the fact that managers need to keep their portfolio within a certain risk level.

So when the market saw the price drop over the past couple of days traders were quick to pin the blame on the old news of China banning Bitcoin. The dramatic pullback in bitcoin and other cryptocurrencies comes as a flurry of negative headlines and catalysts from Tesla CEO Elon Musk to a new round of regulations by the.

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