Kryptodata

  • Market Cap: $2,726,330,517,954.71
  • 24h Vol: $91,731,751,086.41
  • BTC Dominance: 49.56%
Reasons behind the drop in Bitcoin price after early week gains

Reasons behind the drop in Bitcoin price after early week gains

Bitcoin price experienced a decline after failing to break the $28,500 resistance, with concerns about the US economy and disappointing performance of Ether futures ETFs contributing to the drop. The correction in Bitcoin’s price led to the liquidation of $22 million worth of long leverage futures contracts. The US Federal Reserve’s potential contractionary measures and the launch of Ether futures ETFs also impacted investor confidence. Additionally, Binance is facing a class-action lawsuit, adding to regulatory pressures in the cryptocurrency space. The correlation between Bitcoin and traditional markets suggests a close tie to macroeconomic factors. Overall, the article highlights the challenges and risks in the cryptocurrency market.

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