Why Is Bitcoin Down Today?
The precise reason for bitcoin’s dip over the past 24 hours isn’t entirely clear, but it might have been set off by a flash crash on crypto exchange BitMEX, where a massive sell order caused the world’s oldest cryptocurrency to briefly bottom out at $8,900. However, the world’s other major exchanges maintained BTC prices above $60,000.
Following the overnight crash, BTC has steadily lost value, and the broader crypto market’s overall market cap has fallen more than 8%. The reason for this broader decline is most likely that the world’s altcoins are simply following bitcoin’s lead.
Bitcoin has been on a major bull run since November of last year. It climbed from $34,000 at the end of October to more than $73,000 last week.
After the U.S. Securities and Exchange Commission approved 11 new spot bitcoin exchange-traded funds, or ETFs, on January 10, bitcoin trended up, gaining more than 50% this year alone.
ETFs, like mutual funds, are baskets of securities that investors can trade as a single investment. However, unlike mutual funds, ETFs are traded directly on stock exchanges throughout the market day.
#Memecoins #BTC、 #BinanceLaunchpool #BitcoinHalvingDrama #write2earn
