Is Bitcoin’s Drop Tied to Economic Concerns and Regulatory Issues? 📉
Bitcoin's price recently surged by 6% but #dropped 4.5% on October 2 after failing to breach the $28,500 resistance, influenced by Ether futures ETFs' disappointing performance and economic concerns.
This marks 47 days since Bitcoin closed above $28,000, resulting in $22 million in long leverage futures contracts being #liquidated . Investor sentiment is affected by the overheated US economy, with expectations of further Fed action due to strong labor market data.
The launch of Ether #ETFs fell short of expectations, in contrast to the successful Bitcoin Strategy ETF launch in 2021.
Regulatory pressure mounts as Binance faces a class-action lawsuit, and Bitcoin's correlation to traditional markets is stronger than anticipated, emphasizing the ongoing risks in the cryptocurrency space.
