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The price of Bitcoin recently dropped during Donald Trump’s Bitcoin conference statements but later surged to $70,000. After this price movement, it experienced another sharp drop within minutes and settled around $67,000. Currently, BTC’s decline continues.
Why is Bitcoin Dropping?
Several factors are believed to influence Bitcoin’s price decline. Geopolitical events in the Middle East becoming more prominent, the US moving some of the BTC obtained from the Silk Road incidents, and similar events are thought to impact BTC’s price.
Last night, the FED decision to keep the interest rate unchanged also negatively affected BTC. Investors’ long-standing expectation of a rate cut not being met seems to make them hesitant towards risky assets.
Although no specific event has been observed today that is believed to pull down cryptocurrency prices, there is curiosity about how low BTC can go.
What is Bitcoin’s Current Price?
BTC, which recently rose to $70,000, has now dropped to $63,686. The decline in BTC over the last hour is 1.43%, 4.22% over the last 24 hours, and 1.82% over the last 7 days. More importantly, this situation is gradually reducing Bitcoin’s market cap.
Bitcoin’s market cap has dropped to $1.256 trillion after a 4% decline.
On the other hand, BTC’s 24-hour trading volume has risen by 31.5% to $36 billion, which some interpret as investors buying the dip. However, others believe the decline might be due to short sellers trying to mitigate existing losses.
