5 Possible Reasons Behind the Big Bitcoin (BTC) Drop

5 Possible Reasons Behind the Big Bitcoin (BTC) Drop

It is stated that Wednesday’s market meltdown was not caused by a single factor. Accordingly, a combination of Chinese, Elon Musk, and other tensions could help explain the volatility.

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The cryptocurrency market took a hard hit on Wednesday, when Bitcoin lost over 20% to $ 30,000 and other currencies including Ethereum and Dogecoin suffered far greater losses. This latest slaughter means that more than $ 500 billion in value has evaporated since the peak of the cryptocurrency market.
Now, investors are looking for answers on the subject. It is not surprising that cryptocurrency holders lose more than a third of their wealth in a day. While it may be tempting to make use of a single explanation for the fall, the truth is that collapses of this magnitude are rarely triggered by a single event. Instead it is triggered by multiple overlapping factors.
Accordingly, the five factors that might explain Wednesday’s horror show are:

1. Chinese Disturbance

2. Elon Musk

3. Liquidation of Leveraged Positions

4. The Anxiety Over Tether’s “Stabilcoin” Reserves

5th Tax Day

Other Factors

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