- With today’s drop of 3.3%, the Bitcoin price breaks below $70,000 and triggers $270 million in long liquidation.
- Spot Bitcoin ETFs witnessed an 11-session streak of net outflows, removing approximately $3.45 billion from the market.
- Renewed wallet activity linked to the Mt. Gox bankruptcy estate revived concerns about potential creditor distributions and additional Bitcoin entering circulation.
Bitcoin, the largest cryptocurrency by market capitalization, plunged 3.3% before the opening bell in the U.S.market on Tuesday, currently trading at $68,836. The sell-off can be linked to several catalysts, including geopolitical tension, ETF outflow, and institutions selling. Market data also highlighted cascading liquidation and breakdown below key support as additional pressure in the Bitcoin price correction.
Key Reasons Why Bitcoin Price Extended Correction below $70k
Within a month, the Bitcoin price has tumbled from $82,458 to its current trading value of $69,336, accounting for a loss of 15.74%. Consequently, the asset’s market cap dropped to $1.39 trillion. The pullback gained its momentum from a couple of rea...
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