Why is #Bitcoin Dumping? 🚨

🔻 Massive Stock Market Hit: The US stock market recently experienced a severe downturn, wiping out a staggering $1.1 trillion. This turmoil has rippled into the crypto market, intensifying selling pressure.

🔻 Historic Declines in Indices: The S&P 500 recorded its worst decline since October 2022, and the NASDAQ 100 had its most significant drop since September 2022, further unsettling investors.

🔻 Long Positions Liquidated: Over $250 million in long positions were liquidated, contributing to the sharp decline in Bitcoin prices.

🔻 Mt. Gox Factor: The recent move by Mt. Gox to transfer $2.85 billion in BTC to new wallets has spooked the market. The anticipation of $8 billion worth of BTC being redistributed to creditors is causing additional selling pressure as investors fear a massive sell-off by these creditors.

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