Become a member

Get the best offers and updates relating to Liberty Case News.

spot_img

Why Bitcoin Price Dropped Below $100K?

The post Why Bitcoin Price Dropped Below $100K? appeared first on Coinpedia Fintech News After teasing above $100k for the first time for the between...
spot_img
HomeCoinpedia NewsWhy Is Bitcoin Dumping? Geopolitics, Earnings, Market Dynamics, Various Factors At Play

Why Is Bitcoin Dumping? Geopolitics, Earnings, Market Dynamics, Various Factors At Play

The post Why Is Bitcoin Dumping? Geopolitics, Earnings, Market Dynamics, Various Factors At Play appeared first on Coinpedia Fintech News

Bitcoin is currently trading at $70,801, down by over 1% in the last 24 hours. Bitcoin’s decline follows a failed attempt to reach a new all-time high, facing resistance near $73,500. After testing the $72,000 and $71,500 support levels, the price has dipped below the $70,000 mark, breaking a key bullish trend line and signaling potential short-term challenges.

Latest Bitcoin Dumps

In a surprising move, Reddit announced a substantial sale of its Bitcoin and Ethereum holdings in Q3 2024, citing minimal financial impact in an SEC filing. This significant crypto exit comes as Reddit reconsiders its treasury approach amid a challenging economic environment.

WisdomTree, a major ETF provider in the United States also made headlines with its latest Bitcoin and Ethereum dump worth $599M. This follows as the top two cryptos witnessed sharp price declines over the last 24 hours. However, the fund manager still holds a significant amount of BTC and ETH raising speculations over further dip ahead. 

But what are the factors for the Bitcoin price decline and the recent dumps? Let’s dive deeper. A number of factors may be playing into the recent drop, which has taken BTC below its record.

The Iran-Israel Conflict

The recent news that Iran may plan an attack on Israel from Iraqi territory has heightened geopolitical tensions. War and instability tend to negatively impact Bitcoin and crypto markets, and hence could take a toll on Bitcoin and crypto at large. 

Disappointing Tech Earnings

Recently, Tech giants Microsoft and Meta posted earnings reports that, despite beating expectations, have revealed rising costs due to AI investments. This caused a drop in their stock prices, dragging down the overall market, including crypto. 

Rising Bond Yields

The 10-year Treasury note is now trading above 4.3%. Historically, rising bond yields consistently drive down demand for equities as investors pivot toward safer options. This shift significantly impacts riskier assets, particularly Bitcoin.

Core PCE Increase

Core PCE, a key inflation measure, rose slightly above 2.7%. This may prompt the Fed to adopt a more hawkish stance and could pressure both equity and crypto markets.

Also Read :   Can XRP Surpass Bitcoin Soon? Former Ripple Executive Says ‘Yes’   ,

“Get Ready For Trump Dump”- Peter Schiff

Economist and gold advocate Peter Schiff, known for his critical views on bitcoin has recently shared insights on both assets amid recent market shifts. In a latest X post, Schiff noted that, despite rising odds of a Donald Trump victory in the 2024 U.S. election, bitcoin has not followed the upward momentum that can be seen in other Trump-related assets, such as stocks and real estate.

The #Trump trade is on, yet #Bitcoin is the one Trump asset not rallying. It’s widely believed that a Trump win is bullish for Bitcoin. So why isn’t Bitcoin rising along with the betting odds on Trump? Maybe all the speculators have already bought. Get ready for the Trump dump.

— Peter Schiff (@PeterSchiff) October 23, 2024

Schiff believes that speculators may have already bought up BTC, diminishing demand, and that a “Trump dump” could bring the price of the crypto down if Trump-related assets eventually decline.

While these factors are likely contributing to a temporary dip in Bitcoin’s price, however many expect that just like “Uptober,” “Moonvember” could bring a recovery, with BTC potentially reaching $80,000. 

Everyone was thinking that BTC will hit a new ATH by today or tomorrow.
 
But suddenly BTC dumped hard, and altcoins even dumped harder.
 
Market sentiment is completely negative.
 
Traders are thinking that this time it will be Rektember.
 
But the reason behind this dump is…

— Marty (@MartyXBT) November 1, 2024

The post Why Is Bitcoin Dumping? Geopolitics, Earnings, Market Dynamics, Various Factors At Play appeared first on Coinpedia Fintech News

Bitcoin is currently trading at $70,801, down by over 1% in the last 24 hours. Bitcoin’s decline follows a failed attempt to reach a new all-time high, facing resistance near $73,500. After testing the $72,000 and $71,500 support levels, the price has dipped below the $70,000 mark, breaking a key bullish trend line and signaling potential short-term challenges.

Latest Bitcoin Dumps

In a surprising move, Reddit announced a substantial sale of its Bitcoin and Ethereum holdings in Q3 2024, citing minimal financial impact in an SEC filing. This significant crypto exit comes as Reddit reconsiders its treasury approach amid a challenging economic environment.

WisdomTree, a major ETF provider in the United States also made headlines with its latest Bitcoin and Ethereum dump worth $599M. This follows as the top two cryptos witnessed sharp price declines over the last 24 hours. However, the fund manager still holds a significant amount of BTC and ETH raising speculations over further dip ahead. 

But what are the factors for the Bitcoin price decline and the recent dumps? Let’s dive deeper. A number of factors may be playing into the recent drop, which has taken BTC below its record.

The Iran-Israel Conflict

The recent news that Iran may plan an attack on Israel from Iraqi territory has heightened geopolitical tensions. War and instability tend to negatively impact Bitcoin and crypto markets, and hence could take a toll on Bitcoin and crypto at large. 

Disappointing Tech Earnings

Recently, Tech giants Microsoft and Meta posted earnings reports that, despite beating expectations, have revealed rising costs due to AI investments. This caused a drop in their stock prices, dragging down the overall market, including crypto. 

Rising Bond Yields

The 10-year Treasury note is now trading above 4.3%. Historically, rising bond yields consistently drive down demand for equities as investors pivot toward safer options. This shift significantly impacts riskier assets, particularly Bitcoin.

Core PCE Increase

Core PCE, a key inflation measure, rose slightly above 2.7%. This may prompt the Fed to adopt a more hawkish stance and could pressure both equity and crypto markets.

Also Read :   Can XRP Surpass Bitcoin Soon? Former Ripple Executive Says ‘Yes’   ,

“Get Ready For Trump Dump”- Peter Schiff

Economist and gold advocate Peter Schiff, known for his critical views on bitcoin has recently shared insights on both assets amid recent market shifts. In a latest X post, Schiff noted that, despite rising odds of a Donald Trump victory in the 2024 U.S. election, bitcoin has not followed the upward momentum that can be seen in other Trump-related assets, such as stocks and real estate.

The #Trump trade is on, yet #Bitcoin is the one Trump asset not rallying. It’s widely believed that a Trump win is bullish for Bitcoin. So why isn’t Bitcoin rising along with the betting odds on Trump? Maybe all the speculators have already bought. Get ready for the Trump dump.

— Peter Schiff (@PeterSchiff) October 23, 2024

Schiff believes that speculators may have already bought up BTC, diminishing demand, and that a “Trump dump” could bring the price of the crypto down if Trump-related assets eventually decline.

While these factors are likely contributing to a temporary dip in Bitcoin’s price, however many expect that just like “Uptober,” “Moonvember” could bring a recovery, with BTC potentially reaching $80,000. 

Everyone was thinking that BTC will hit a new ATH by today or tomorrow.
 
But suddenly BTC dumped hard, and altcoins even dumped harder.
 
Market sentiment is completely negative.
 
Traders are thinking that this time it will be Rektember.
 
But the reason behind this dump is…

— Marty (@MartyXBT) November 1, 2024