Crypto Crash
The price of Bitcoin dips below $40k, triggering bearish sentiment. BTC is now down 40% from its highs, making this in line with the worst drops of 2017. Currently, Bitcoin is holding the 200-day moving average, having wicked below it briefly during the early hours.
William Clemente III noted that Bitcoin inflows into Binance have never been higher, at around 27k units. This would suggest sellers are keen to liquidate their holdings, adding to the bear case and denting the narrative around Bitcoin as an institutional-grade store of value.
The main reason for lower or high currencies:
When there is bad news published about Bitcoin, there are a lot more people selling than buying BTC. These people sell their cryptocurrency for lower prices than the current value so that they can sell it quickly. This causes the price to drop. When there is good news about crypto, there are more people buying BTC than there are people selling it.
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