From Tariffs to ETFs: 5 Catalysts Behind Bitcoin’s Big Drop
Main Idea
The cryptocurrency market experienced a significant correction, with Bitcoin dropping to its lowest level since July 10, influenced by global economic uncertainty, ETH withdrawals, and US Federal Reserve decisions.
Key Points
1. Bitcoin's price dropped from $119,000 to $112,700, its lowest since July 10, amid market corrections.
2. The correction began after the US Federal Reserve's decision, despite a positive Q2 GDP report.
3. Global economic uncertainty, including US tariffs and political statements, contributed to market volatility.
4. Spot Bitcoin ETFs saw significant outflows, with $812.3 million withdrawn on Friday, the worst single-day performance since February 25.
5. ETH withdrawals and investor behavior mirrored the broader market downturn.
Description
It has been a few tough days for the cryptocurrency market, including its leader. Since Thursday, the largest digital asset by market cap has been in a correction mode after a few weeks of consolidation. Notably, bitcoin fell below the southern boundary of its trading range and dropped from $119,000 to its lowest levels since July 10 at $112,700 on Friday evening. Here are some of the possible reasons behind this rather painful retracement, which range from global economic uncertainty to substan...
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