👀 Ones to watch: The MOST undervalued stocks to buy right nowSee Undervalued Stocks

Why did Bitcoin drop? Analysts point to 5 potential reasons

Published 08/17/2023, 10:56 PM
Updated 08/18/2023, 12:40 AM
© Reuters
USD/CNY
-
TSLA
-
BTC/USD
-

Elon Musk’s SpaceX reportedly selling its Bitcoin (BTC) holdings, the bankruptcy of a Chinese property giant, and fears of interest rate hikes have been among the theories raised as to Bitcoin’s freak price dip.

On Aug. 18 around 9:35 pm UTC, the price of Bitcoin suddenly plummeted over 8% in a span of 10 minutes, taking with it the wider cryptocurrency market, leaving many in the crypto community scratching their heads.

SpaceX offloads Bitcoin, interest rate fears

Government bond yields

Chinese Yuan still a risk to Bitcoin

Whale's selling big

More than $427 million worth of Bitcoin long positions have been liquidated in the last 24 hours. Source: Coinglass

Continue Reading on Coin Telegraph

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.