The reason for the pullback became a matter of curiosity as the Bitcoin price started the week with a decline, reversing the rise it experienced towards the end of last week.
The Bitcoin price had seen sharp increases on Friday last week, exceeding $60,600. The price, which then remained flat over the weekend, began to decline on Monday. The reason behind the decline in Bitcoin, which exceeded 4% and pushed the price back to $58,000, has begun to be wondered.
Why is Bitcoin falling?
While the decline in Bitcoin prices in parallel with the second assassination attempt on Donald Trump raises questions, market tension ahead of the interest rate decision to be made by the US Federal Reserve (FED) on Friday is thought to be one of the reasons for the decline.
Experts generally argue that investors act in a risk-avoidant manner before a critical decision.
According to CoinGecko data, the Bitcoin price has shown signs of recovery after a decline that came in parallel with the sharp sell-off, reaching $59,000. At the time of writing, Bitcoin is finding buyers at $59,039.
“Bitcoin is still at $58,000 and has not made any significant moves in the last two weeks. The Trump assassination attempt is an event that has no impact on macro markets at this point,” said Augustine Fan of SOFA.org.
Stay tuned for new information.
