drtoothbreaker
--
$BTC
Another Blood bath for btc Tomorrow night
dream full sleep or tear full eyes.
Bitcoin's recent price drop has led to concerns about a potential "blood bath" in the cryptocurrency market. Here's what's happening:
Current Market Situation
- Bitcoin's price recently hit $84,978.05, with a 0.42% increase, but its price had dropped to around $62-63K after reaching an all-time high of $73,737.
- The crypto market has experienced significant price drops, with some assets like Bitcoin SV (BSV) declining by 39.04%, THORChain (RUNE) by over 30%, and Lido DAO (LDO) by over 30%.
Factors Contributing to the Downturn
- *Mt. Gox Distributions*: The now-defunct cryptocurrency exchange Mt. Gox transferred $2.71 billion worth of Bitcoin to a new wallet, causing selling pressure.
- *German Government Sales*: The German government has been selling cryptocurrency, adding to the bearish sentiment.
- *Investor Sentiment*: Social media is showing historic levels of fear, uncertainty, and doubt (FUD), with many investors worried about further price drops.
Potential Consequences
- *Mining Stock Blood Bath*: Some analysts predict a potential "blood bath" for US miners after the Bitcoin halving, as high-cost public miners may struggle to stay profitable.
- *Market Volatility*: The crypto market is known for its volatility, and prices can fluctuate rapidly ⁴.
Outlook
- *Rebound Prediction*: JPMorgan analysts predict that the Bitcoin price could start rebounding in late summer, as some creditors might hold their coins due to tax reasons or belief in future price appreciation.
- *Long-term Holders*: On-chain data suggests that long-term holders of Bitcoin have been holding onto their coins, rather than selling into the downturn.
Another Blood bath for btc Tomorrow night
dream full sleep or tear full eyes.
Bitcoin's recent price drop has led to concerns about a potential "blood bath" in the cryptocurrency market. Here's what's happening:
Current Market Situation
- Bitcoin's price recently hit $84,978.05, with a 0.42% increase, but its price had dropped to around $62-63K after reaching an all-time high of $73,737.
- The crypto market has experienced significant price drops, with some assets like Bitcoin SV (BSV) declining by 39.04%, THORChain (RUNE) by over 30%, and Lido DAO (LDO) by over 30%.
Factors Contributing to the Downturn
- *Mt. Gox Distributions*: The now-defunct cryptocurrency exchange Mt. Gox transferred $2.71 billion worth of Bitcoin to a new wallet, causing selling pressure.
- *German Government Sales*: The German government has been selling cryptocurrency, adding to the bearish sentiment.
- *Investor Sentiment*: Social media is showing historic levels of fear, uncertainty, and doubt (FUD), with many investors worried about further price drops.
Potential Consequences
- *Mining Stock Blood Bath*: Some analysts predict a potential "blood bath" for US miners after the Bitcoin halving, as high-cost public miners may struggle to stay profitable.
- *Market Volatility*: The crypto market is known for its volatility, and prices can fluctuate rapidly ⁴.
Outlook
- *Rebound Prediction*: JPMorgan analysts predict that the Bitcoin price could start rebounding in late summer, as some creditors might hold their coins due to tax reasons or belief in future price appreciation.
- *Long-term Holders*: On-chain data suggests that long-term holders of Bitcoin have been holding onto their coins, rather than selling into the downturn.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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