While Bitcoin (BTC) experienced a decline of nearly 10% in the last 24 hours, all eyes turned to possible reasons.
After Bitcoin broke new records every day, it also broke ground yesterday morning. to $73,737 reaching a new ATH he had done. The hard sales that followed in Bitcoin price to $66,858 pulled up.
In parallel with this in the entire cryptocurrency market decreases were observed. With a similar pullback in Ethereum to 10% falling close BNB 8% fell. solana (LEFT) resisting the declines and rising rare It became one of its altcoins.
With the decreases in the last 24 hours A total of 680 million dollars from 192 thousand investors was liquidated.
Why is Bitcoin falling?
On-chain analytics platform Lookonchain announced on March 15 in sharingincluded a transfer that could be the source of the decline.
According to the post, a deposit wallet belonging to Binance has expired. 4,637 Bitcoins worth $329 million in 24 hours transferred to hot wallets. Although this situation is not seen as a reason for the decline, the same wallet had a similar amount before the sharp withdrawal on March 5. BTC transfer It attracted attention.
On the other hand, according to CoinDesk, the analyst of the Hong Kong licensed stock exchange VDX said that the recent strong inflation data from the USA has reduced the interest rate cut expectations of the Central Bank (FED). The analyst stated that in parallel with this, the price of gold also decreased. It was also stated that Bitcoin’s recent increase was too rapid for the market to price it correctly.