The cryptocurrency Bitcoin has suffered a significant drop, reaching $92,891, nearly 30% below the peak of $126,000 recorded in October. In the last six weeks, the total value of the cryptocurrency market has decreased by $1.2 trillion, according to CoinGecko. Market participants mention that uncertainty regarding future interest rate cuts in the US and risk aversion have contributed to this decline.
Cascade selling, amplified by institutional liquidations, has worsened the situation, and speculators who were waiting for favorable regulations have begun to withdraw. Additionally, negative sentiment was heightened by the crash in October, which led to liquidations of $19 billion. Standard Chartered Bank warned that a drop below $90,000 could severely impact corporate Bitcoin holdings. Despite these challenges, Strategy has continued to increase its Bitcoin stock. Overall market sentiment remains low, with constant pressure on cryptocurrencies, including Ether, which has lost nearly 40% of its value compared to the August peak.
Cascade selling, amplified by institutional liquidations, has worsened the situation, and speculators who were waiting for favorable regulations have begun to withdraw. Additionally, negative sentiment was heightened by the crash in October, which led to liquidations of $19 billion. Standard Chartered Bank warned that a drop below $90,000 could severely impact corporate Bitcoin holdings. Despite these challenges, Strategy has continued to increase its Bitcoin stock. Overall market sentiment remains low, with constant pressure on cryptocurrencies, including Ether, which has lost nearly 40% of its value compared to the August peak.
Sources
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