Cryptocurrency

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/cryptocurrency-market-experiences-sharp-downturn-as-bitcoin-drops-8" rel="noopener noreferrer nofollow">Cryptocurrency Market Experiences Sharp Downturn as Bitcoin Drops 8%</a><br></p>
<p style="text-align: justify">The digital currency sphere has witnessed a noteworthy nosedive, with <a href="https://en.bitcoinhaber.net/tron-founder-justin-sun-foresees-a-crypto-milestone" rel="noopener noreferrer nofollow">Bitcoin</a> and other cryptocurrencies seeing a substantial dip in value. Bitcoin, the market leader, plunged by around 8%, landing at a price point of $67,345. This slump is primarily attributed to the unexpectedly high U.S. Producer Price Index (PPI) figures. Consequently, the crypto market’s capitalization suffered a staggering loss of over $200 billion.</p>
<h2 id="massive-liquidations-and-market-exodus">Massive Liquidations and Market Exodus</h2>
<p style="text-align: justify">The market’s volatility has been unkind to leveraged traders, resulting in the liquidation of Bitcoin long positions worth approximately $450 million. Overall, liquidations tallied up to $576 million, leading to the exit of 167,000 leveraged investors from the market. Data analysis from Santiment highlights the second descent of Bitcoin below $70,000 within a mere three-day span, signifying heightened market instability.</p>
<p style="text-align: justify">The recent decline has triggered increased transactions on the Bitcoin network, suggesting that investors are initiating a new wave of sell-offs. This behavior points towards a potential surrender phase among the investment community.</p>
<h2 id="whale-accumulation-trends-and-market-projections">Whale Accumulation Trends and Market Projections</h2>
<p style="text-align: justify">Despite the turmoil, whale investors seem to be regaining interest in Bitcoin, as accumulation trends show an upswing in recent weeks. On-chain data reveals that since early February, whales have acquired an additional 154.16 thousand <a href="https://en.bitcoinhaber.net/october-proves-favorable-for-cryptocurrencies-as-analysts-weigh-in-on-the-month-ahead" rel="noopener noreferrer nofollow">BTC</a>, which accounts for roughly 0.665% of Bitcoin’s total supply, with the value of these assets surpassing $10.9 billion.</p>
<p style="text-align: justify">Renowned <a href="https://en.bitcoinhaber.net/bitcoins-struggle-for-direction-altcoins-rise-as-btc-stalls" rel="noopener noreferrer nofollow">cryptocurrency</a> analyst CrediBULL Crypto provided insights on the latest market conditions, noting a lack of bullish momentum and proposing the possibility of a further price dip. He pointed to a substantial decline in Open Interest (OI) as a precursor to the current downturn and mentioned the likelihood of Bitcoin’s value dropping further before stabilizing. According to his analysis, a key support zone between $63,000 to $64,000 could be pivotal in determining whether the market will witness a recovery or continue its descent.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/cryptocurrency-market-experiences-sharp-downturn-as-bitcoin-drops-8" rel="noopener noreferrer nofollow">Cryptocurrency Market Experiences Sharp Downturn as Bitcoin Drops 8%</a></h5>

Cryptocurrency Market Experiences Sharp Downturn as Bitcoin Drops 8%

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