QCP Capital published a comprehensive market report on the current state of the cryptocurrency market on August 3. This week, Bitcoin suffered a significant depreciation from $70,000 to almost $60,000 as a result of a sudden market correction. US Government and Mt. Gox played a significant role in this correction as large institutions such as Gox released large amounts of Bitcoin into the market.
This week saw a sudden change in the cryptocurrency market; The price of Bitcoin dropped from $70,000 to approximately $60,000. This drop is particularly due to the US Government's loss of approximately 28,000 BTC and Mt. Gox released 33,960 BTC. Additionally, Genesis creditors launched approximately $1.5 billion worth of Bitcoin and Ethereum. This massive supply of Bitcoin led to a significant correction in the market.
In addition, the 10.5% increase in mining difficulty also increased the difficulties of the market and put miners under selling pressure. In addition to technical problems, negative macroeconomic signals also had an impact on the market. Higher-than-expected unemployment rates (actual 4.3%, predicted 4.1%) negatively affected the crypto market by fueling fears of an impending recession. The market volatility index (VIX) rose above 23, the highest level since the regional banking crisis on March 28, signaling a rise in investor anxiety.
According to QCP Capital's report, negative macroeconomic sentiment resulting from high unemployment and recession fears also had an impact on the cryptocurrency market. Despite the recent high price fluctuations, this fluctuation is expected to decrease towards the summer months. The VIX has reached the highest level since the banking crisis, highlighting current market unrest and the potential for continued volatility in the short term.
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I EXPLAIN IN DETAIL.
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