Despite many good news for investors, things can suddenly turn around, and we are seeing something similar now. While developments benefit cryptocurrencies in many ways, the recent event managed to reverse this suddenly. So, how much longer will the sales continue? What awaits investors?
Why Is Bitcoin Dropping?
We recently mentioned that the Japanese crypto exchange DMM Bitcoin was hacked. Following the hack, BTC worth over 300 million dollars was moved to 9 different addresses. This likely indicates crypto mixers and assets heading for sale. Investors, concerned that Bitcoin sales could pull markets down, opted to sell to be cautious.
BTC dropped to 67,264 dollars at the time of writing. After forming five 15-minute red candles, a weak recovery began at the time of writing. In its initial statement, the exchange mentioned that all customer balances would be refunded with the support of group companies. However, due to concerns about these assets being sold, we may not feel the support of today’s positive macroeconomic data as much.
