The Mysterious Secret Behind Cryptocurrency's Decline Over the Past Week! 📉💥
Over the past week, the cryptocurrency market has seen a significant decline in the prices of several major currencies. Here are some reasons that may explain this decline:
1. German government transfers to cryptocurrency exchanges 🇩🇪💰
On July 4, 2024, a crypto wallet linked to the German government transferred 1,300 Bitcoin to exchanges such as Coinbase, Kraken, and Bitstamp, which led to an increase in the supply of Bitcoin in the market and thus a decrease in its value.
2. Weak market movement due to the holiday season 🎄📉
On December 26, 2024, cryptocurrency prices fell by 3.3%, with Bitcoin reaching $95,778.47. This decline was the result of weak market movement during the Christmas holiday season, which affected liquidity and trading.
3. The impact of negative news on market confidence 📰❌
Some negative news, such as reports of a decline in transaction volume or the failure of some projects to implement their plans, has increased the state of anxiety among investors, prompting them to sell their digital assets.
4. Global economic fluctuations 🌍📉
Global financial markets have witnessed a state of tension due to various economic and political events, which has affected confidence in high-risk assets such as digital currencies.