2024

United

Bitcoin

Sherpa

<p>The post <a href="https://coinpedia.org/news/why-is-crypto-crashing-what-next-for-bitcoin-price/">Why is Crypto Crashing? What Next For Bitcoin Price?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The total crypto market cap slipped more than 8 percent in the past 24 hours to hover around $2.09 trillion on Friday, during the early European session. In four weeks, the cryptocurrency market dropped by about $600 billion in valuation, led by <a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin</a> (BTC).&nbsp;</p> 
<p>According to the latest crypto market data as of this report, <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin price</a> dropped by nearly 9 percent in the past 24 hours to trade at about $54k.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-heavy-crypto-liquidations">Heavy Crypto Liquidations</h2> 
<p>Following the ongoing crypto selloff, nearly $700 million was liquidated from the crypto derivatives trading in the past 24 hours, with the majority involving long traders. According to on-chain data provided by <a href="https://x.com/peckshieldalert/status/1809069567152697477?s=46" target="_blank" rel="noreferrer noopener nofollow">PerkShield</a>, a whale has been liquidated around 173,230 Ether, worth about $10.7 million.&nbsp;</p> 
<p>Several other crypto whales were also forced into liquidations following the sudden Bitcoin-led dump.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/PeckShieldAlert?src=hash&amp;ref_src=twsrc%5Etfw">#PeckShieldAlert</a> <a href="https://twitter.com/hashtag/Liquidation?src=hash&amp;ref_src=twsrc%5Etfw">#Liquidation</a> A Whale 0x95c5…5365 has been liquidated ~24.64 <a href="https://twitter.com/search?q=%24WBTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$WBTC</a> (worth ~$1.41M) <a href="https://t.co/WN2Nnf77AA">pic.twitter.com/WN2Nnf77AA</a></p>— PeckShieldAlert (@PeckShieldAlert) <a href="https://twitter.com/PeckShieldAlert/status/1809070379572548094?ref_src=twsrc%5Etfw">July 5, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<h2 class="wp-block-heading" id="h-top-reasons-for-the-crypto-crash-nbsp">Top Reasons For the Crypto Crash&nbsp;</h2> 
<p>The cryptocurrency market has been responding to several negative events in the past few days. As the US Fed signaled further economic uncertainties, the UK’s top leadership has also changed as the Labor Party won the majority.</p> 
<p>The crypto industry has been reacting to the ongoing whale sell-offs triggered by the <a href="https://coinpedia.org/news/germanys-900-bitcoin-transfer-sparks-crypto-market-speculation/">German government</a>, which currently holds around 40k Bitcoins. According to on-chain data analysis, Bitcoin whales have offloaded more than 30k BTCs in the last month.</p> 
<p>Already, the demand for the United States-based spot Bitcoin ETFs has been on the decline in the last few weeks. Meanwhile, After more than a decade, Mt.Gox has begun the distribution of more than 100k Bitcoins, worth more than $7 billion to the customers.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Mt. Gox transfers another 1,545 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($84.87M) to <a href="https://twitter.com/hashtag/Bitbank?src=hash&amp;ref_src=twsrc%5Etfw">#Bitbank</a>.<a href="https://t.co/1haz3Brcj9">https://t.co/1haz3Brcj9</a> <a href="https://t.co/9YtYbKtU5r">pic.twitter.com/9YtYbKtU5r</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1809098068421456034?ref_src=twsrc%5Etfw">July 5, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<h2 class="wp-block-heading" id="h-what-next">What Next?</h2> 
<p>The cryptocurrency market has been trapped in a bearish outlook in the past month, and the trend is likely to continue in the coming weeks. However, some crypto analysts have compared the 2024 bull cycle with the 2017 one, which was characterized by several corrections of between 25-40 percent.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">don't really think it's going to happen like this but May 2021 and July 2024 have some interesting similarities and we might not bounce till 50k<br><br>liquidations were way more tame than May, didn't get the violent <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> move from 60-30k in 1 go. Let's see if current region holds <a href="https://t.co/MHuV2QRSD8">pic.twitter.com/MHuV2QRSD8</a></p>— Altcoin Sherpa (@AltcoinSherpa) <a href="https://twitter.com/AltcoinSherpa/status/1809072070803747098?ref_src=twsrc%5Etfw">July 5, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>While the crypto trend might continue in a bearish outlook ahead, Santiment noted that bold traders could significantly benefit from the current situation of crowd anger and frustration.</p> 
<p>Read More About This: <a href="https://coinpedia.org/news/mt-gox-moves-47229-bitcoin-will-the-crypto-market-face-a-massive-sell-off/" target="_blank" rel="noreferrer noopener">Mt. Gox Moves 47,229 Bitcoin: Will the Crypto Market Face a Massive Sell-Off?</a></p>

Why is Crypto Crashing? What Next For Bitcoin Price?

Table of Contents

CoinPedia News

Other articles published on Jul 5, 2024

MoonBag Staking Rewards And its $3.2 Million Presale Milestone, Eclipsing Render’s Growth and AAV...

Bitcoin Price Plummets to $55,000: Why Savvy Investors Are Unfazed

Altcoin Market Crash: Ethereum Suffers Most Liquidations In Panic Selling

Crypto Winter Looms: Bitcoin, Ethereum Lead Market Decline

Understanding Token Vestings: A Guide

Bitcoin Bloodbath: $682 Million Liquidated in 24 Hours Amid Crash

Join our free newsletter for daily crypto updates!