Bitcoin experienced a significant decline today, impacting the entire cryptocurrency market. Here are the primary factors contributing to this downturn:
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1. Increase in US Unemployment: The latest unemployment figures showed a rise to 4%, instilling fear and causing Bitcoin to drop from $72K to $68K, prompting widespread selling.
2. Mt. Gox Bitcoin Transfer: Concerns emerged as $9 billion worth of Bitcoin was transferred from the now-defunct Mt. Gox exchange, creating uncertainty about the potential impact on the market.
3. Slowdown in Bitcoin ETF Inflows: Growth in spot Bitcoin ETFs slowed down, indicating investor caution and reluctance to heavily invest in the current market climate.
4. Panic Selling and Elevated Greed Levels: Investor panic, combined with a high greed index of 74, resulted in significant sell-offs by both spot ETF investors and smaller traders.
While there might be a modest recovery, another sudden downturn could push Bitcoin towards the $67K support level.
