**Bitcoin Dragged to US$70 Thousand, Market in Extreme Fear State**
Bitcoin (BTC) continues its downward rally to US$70,000 in the last 24 hours, according to CoinMarketCap, Thursday (05/02). As a result, overnight 156,322 traders were liquidated with a total of US$728 million.
In other words, this drop in digital assets exceeds 20% in a week. This price record has not even been seen in the last year, where the price of US$70 thousand occurred in 2024.
This bad news brings the fear and greed index close to severe fear levels, which last happened in November last year.
The catalyst for Bitcoin's current decline is triggered by an outflow of Bitcoin spot ETF reaching more than US$5.4 billion in three weeks.
The magnitude of this Bitcoin ETF outflow indicates a decline in trust among financial institutions and removes the main source of demand that previously supported prices.
Nevertheless, debates continue to rage. Some believe Bitcoin will plunge further, while others are waiting for lower prices to buy.
*Disclaimer Alert. Not Financial Advice (NFA). Do Your Own Research (DYOR).*
Bitcoin (BTC) continues its downward rally to US$70,000 in the last 24 hours, according to CoinMarketCap, Thursday (05/02). As a result, overnight 156,322 traders were liquidated with a total of US$728 million.
In other words, this drop in digital assets exceeds 20% in a week. This price record has not even been seen in the last year, where the price of US$70 thousand occurred in 2024.
This bad news brings the fear and greed index close to severe fear levels, which last happened in November last year.
The catalyst for Bitcoin's current decline is triggered by an outflow of Bitcoin spot ETF reaching more than US$5.4 billion in three weeks.
The magnitude of this Bitcoin ETF outflow indicates a decline in trust among financial institutions and removes the main source of demand that previously supported prices.
Nevertheless, debates continue to rage. Some believe Bitcoin will plunge further, while others are waiting for lower prices to buy.
*Disclaimer Alert. Not Financial Advice (NFA). Do Your Own Research (DYOR).*
