$BTC What is the reason why Bitcoin suddenly breached the $68,000 mark?
On the evening of May 23, when the market was still excited about Ethereum (ETH) approaching 4,000 USD before the SEC made a decision on Spot ETH ETE, the price of Bitcoin (BTC) suddenly dropped sharply, leading to a decline in Bitcoin prices. A series of altcoins on the market.
In this article, let's join TradeCoin to find out the reason why BTC suddenly decreased and come up with suitable investment plans in the near future!
1. What is the reason why BTC dropped sharply?
BTC has dropped 3.2% over the past 24 hours, from $70,000 to $67,800 at the time of writing. Meanwhile, ETH, after touching 3,940 USD, fell to 3,780 USD, down about 4% in the past hour but still up more than 1% compared to May 22.
The market's decline may be influenced by a new report on the S&P Purchasing Managers' Index showing that the US economy is red-hot - with output growing at the fastest pace in two years.
The decline of BTC took place right before the trading session on the US stock exchange officially opened. The notable point is that BTC dropped sharply in a short period of time, leading to a strong adjustment in the entire Crypto market.
The sell-off spread throughout the broader market, causing the entire Crypto market capitalization to decrease by more than 2%. Today's top altcoins Dogecoin (DOGE), Avalanche (AVAX), Shiba Inu (SHIB) and Chainlink (LINK) are all down more than 4% in less than an hour.