Crypto Market Overview: Reasons Behind BTC Fall
Bitcoin’s price hovered around $57,000 on Thursday, its lowest level since mid-October, after briefly falling below $56,000 a day earlier. So far this month, BTC’s value has dropped by 6%, leaving investors unsure of how deep the fall can go. My vantage point as the PR head of a big crypto exchange allows me to see the market from the inside and what is happening today is very similar to what happened in the past. In my opinion, this is just a pullback as Bitcoin gathers power before making its next leap to new highs. However, Bitcoin’s price has fallen dramatically in recent weeks from the peak of nearly $69K it reached earlier this month, raising the question of why the previous correction took less time and wasn’t as severe. Source: TradingView The plunge in crypto prices can be attributed to multiple factors. Among them is the Securities and Exchange Commission (SEC) rejecting a bitcoin ETF, which would have likely seen billions of dollars poured into the ...
