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Why did #BTC drop 🤔
🟨 Cryptocurrency markets recorded sharp declines, led by Bitcoin's decline to $25,000, disrupting the horizontal view to the downside.
Among the reasons that triggered rapid sales in the crypto money markets, the claims that SpaceX, the company of Elon Musk, which spread rapidly on social media, sold all of its 373 million dollar Bitcoin assets came to the fore.
🟡 The fact that the Wall Street Journal was cited as the news source of this claim accelerated panic sales. The statements that followed the rumor, on the other hand, aroused some doubts about the development that caused uneasiness in the market.
🟡 As a result, it can be said that whether the rumor is true or not, while it loses its importance, it triggers the sharp decline in Bitcoin.
🟡 On the other hand, while Bitcoin had a weak outlook this week, it started to show a bearish outlook after the announcement of the FOMC minutes. The FUD, which spread yesterday evening, made a significant contribution to the acceleration of sales.
🟡 In addition, some events in the global markets are thought to have triggered the decline in the crypto money markets, led by Bitcoin. While some commentators claimed that SpaceX's Bitcoin sale was an unfounded claim, he attributed the development, which caused a decrease of close to 7% in the total market value, to the bankruptcy of Chinese real estate giant Evergreen.
🟡 In the negative outlook in the crypto money markets, Bitcoin, after falling to $ 25,166 with a decrease of 12.5% in the last 24 hours, rose to $ 26,400 in the morning with reaction purchases from the bottom regions.
🟡 Ethereum fell harder in the same time zone, falling as low as $1,550. The largest altcoin then partially recovered and rose to the $ 1,700 limit.
🟡 Among the top 20 cryptocurrencies, the hardest falling altcoins included XRP, LTC, and BCH, which lost over 10%. Along with these cryptocurrencies, the most falling altcoins in the top 100 were CFX, APE and SEI.
🟡 On the other hand, Injective's local entity, INJ, was the only cryptocurrency to survive the sharp decline due to developments in its ecosystem, maintaining its value increase by 5% in the last 24 hours.
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