Bitcoin experienced incredible price fluctuations in the last week. At the beginning of the week, Bitcoin surpassed the $70,000 level but then reached a completely different dimension after the events that caused a decline.
Why Is Bitcoin Dropping?
Bitcoin had surpassed $70,000 at the beginning of the week, but it couldn’t maintain this level. It is believed that news from the US had a significant impact on this decline.
First, news related to the sale of Bitcoins tied to the Silk Road events triggered the market decline. Following this, the uncertainty about when the Fed would lower interest rates also fueled the drop.
Lastly, geopolitical events in the Middle East are thought to have a significant impact on this situation. The uncertainty created by the Iran-Israel tension deepened the decline in both the global economy and Bitcoin.
Following all these events, Bitcoin’s decline deepened and had a significant impact on altcoins as well.
What Is Bitcoin’s Current Price?
This morning, Bitcoin was seen to have dropped to $60,500. After this, the price rose again to $62,000.
In recent hours, Bitcoin first fell below $61,000 and then below $60,000, reaching $59,920. Currently, the price is trading at $60,000, which means a 4% drop in the last 24 hours.
On the other hand, the price of Ethereum also fell below the $2,900 level. This level had not been seen for approximately 25 days. The low inflows and increasing outflows in Ethereum ETFs also raise questions.
It remains a curiosity what will happen in the coming days, especially with Bitcoin and other cryptocurrencies. The impact of rising recession concerns in the US on the economy and how this will reflect on Bitcoin remains uncertain.
