As Bitcoin falls, the top 10 coins by market cap diverge. Specifically: ETH up 0.58%, XRP up 3.6%, ADA up 0.75%...Losers included BNB down 0.19%, DOGE down 0.2%, SOL down 0.8%...
Bitcoin, the largest cryptocurrency by market capitalization, posted its biggest weekly loss since the FTX exchange crash last November. In the August 17th trading before the drop, Bitcoin briefly fell to $25,392/BTC. Citing data from cryptocurrency data provider Coinglass, the Barron's newspaper shows that exchanges betting on the Bitcoin price surge have closed buy orders totaling up to $500 million in the past 24 hours.
Coindesk, meanwhile, cited a report from K33 Research, which specializes in analyzing the cryptocurrency market, and explained that Bitcoin's decline was partly due to investors' excessive leverage in the market.
“Cryptocurrency price declines are mainly due to market structure and not the influence of external news.
Many have suggested that the plunge in price was due to news of a SpaceX bitcoin sale and heightened expectations of US interest rate hikes, but neither of these could cause a drop of this magnitude." pointed out K33 Research.
Billionaire Elon Musk's SpaceX has sold $373 million worth of Bitcoin, as reported by The Wall Street Journal on August 17, contributing to the turmoil in the cryptocurrency market. It is said that “Elon Musk has a lot of influence in the cryptocurrency market,” Antoni Trenchev, co-founder of crypto finance firm Nexo, told TechCrunch.
Experts have expressed concern over the Bitcoin price falling below the 20-, 50- and 200-day moving averages, stating, “If Bitcoin fails to hold the $24,800 level, it will continue to rise at $23,000 and $20,000. You'll find a new support test area (25% off. Current price)".
Bitcoin, the largest cryptocurrency by market capitalization, posted its biggest weekly loss since the FTX exchange crash last November. In the August 17th trading before the drop, Bitcoin briefly fell to $25,392/BTC. Citing data from cryptocurrency data provider Coinglass, the Barron's newspaper shows that exchanges betting on the Bitcoin price surge have closed buy orders totaling up to $500 million in the past 24 hours.
Coindesk, meanwhile, cited a report from K33 Research, which specializes in analyzing the cryptocurrency market, and explained that Bitcoin's decline was partly due to investors' excessive leverage in the market.
“Cryptocurrency price declines are mainly due to market structure and not the influence of external news.
Many have suggested that the plunge in price was due to news of a SpaceX bitcoin sale and heightened expectations of US interest rate hikes, but neither of these could cause a drop of this magnitude." pointed out K33 Research.
Billionaire Elon Musk's SpaceX has sold $373 million worth of Bitcoin, as reported by The Wall Street Journal on August 17, contributing to the turmoil in the cryptocurrency market. It is said that “Elon Musk has a lot of influence in the cryptocurrency market,” Antoni Trenchev, co-founder of crypto finance firm Nexo, told TechCrunch.
Experts have expressed concern over the Bitcoin price falling below the 20-, 50- and 200-day moving averages, stating, “If Bitcoin fails to hold the $24,800 level, it will continue to rise at $23,000 and $20,000. You'll find a new support test area (25% off. Current price)".
