Bitcoin Drop Explained: 4 Reasons Behind Bitcoin's Big Drop

Today, Bitcoin took a huge hit, dragging the entire crypto market down. Here are the four main reasons behind the accident.

1. US Unemployment Report

The latest unemployment report revealed an increase of up to 4%, fueling fears and causing Bitcoin to plummet from $72K to $68K, triggering a market-wide sell-off.

2. Mount Gox Bitcoin Transfer

Concerns were raised when $9 billion worth of Bitcoin was moved from the Mt. Gox which is no longer operational. Uncertainty regarding the potential for these funds to enter the market makes investors fearful.

3. Slowing Bitcoin ETF Inflows:

Bitcoin Spot ETFs are experiencing slowing growth, signaling investors' caution and hesitation to invest heavily in the current market conditions.

4. Panic Selling & High Level of Greed:

Investor panic coupled with a high greed index of 74 led to a massive sell-off by both SPOT ETF investors and small traders.

The market may see a slight recovery, but another sudden drop could push Bitcoin down to the $67K support level.#bitcoin#BTC #altcoins #BnbAth #TopCoinsJune2024 $BTC $BNB $ETH