Bitcoin Faces Major Decline, Potential Drop to $40,000
Bitcoin (BTC) has experienced a dramatic fall, dropping over 16% in the last 24 hours and breaking below the crucial $57,000 support level. This sudden decline has raised alarms in the crypto community, with experts now predicting a potential drop to $40,000.
According to leading on-chain data and analytics provider CryptoQuant, this breach of support signals a troubling trend. The recent drop has pushed traders into their most negative unrealized profit margins since November 2022.
Altcoins and Bitcoin will rise to 85K and from here until the end of June - early July....this coincides with TOTAL3 reaching 900B - 1T.
- There will be a strong correction for the entire market and Bitcoin will return to 72k and TOTAL3 to 700B - 730B. - In the period between August and October, Bitcoin will rise on its own and altcoins will rise slightly
- Trump wins the US election and remember what he said two days ago about cryptocurrencies and that will bring a lot of positives to the market.
It happened in America, the simultaneous fall of Bitcoin and Ethereum ETFs
Bitcoin and Ethereum exchange-traded funds in the US recorded joint exits for the first time on August 2, 2024.
Homan Jafari; Secretary of Digital Currency Service: 11 Bitcoin funds in the United States experienced a net outflow of $237.4 million at the end of the trading day on Friday, August 2nd. This is the largest outflow from these investment products since the beginning of May, when outflows were $563.8 million. The biggest outflows of the day came from Fidelity Fund, which took out $104.1 million, followed by Arc Fund, which took out $87.7 million.
According to Rokna, Ethereum, the second most popular token, decreased by 2.01% compared to yesterday and is currently trading at the price of $2,903.51.
Bitcoin (abbreviated: BTC; symbol: ₿) is a decentralized digital currency without a central bank or single administration that can be sent peer-to-peer through the Bitcoin network without the need for an intermediary. ] Transactions are cryptographically verified by a network and recorded in a public distributed ledger called a blockchain. This cryptocurrency was invented in 2008 by an unknown person or group named Satoshi Nakamoto.