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Bitcoin (BTC), the leading cryptocurrency experienced a notable decline in its price, dropping to roughly ₹53.8 lakh, with an almost 1.6 percent drop in the past 24 hours. This is after a brief recovery period from earlier lows.
One likely reason for the current Bitcoin price drop is the repayment process initiated by the bankrupt exchange Mt. Gox, which began transferring substantial amounts of Bitcoin to its creditors. On July 24, 2024, the exchange moved approximately 37.477K BTC, valued at over $3 billion. This raises concerns about potential market saturation as creditors may decide to sell their holdings. The total distribution from Mt. Gox may reach 1,40,000 BTC, sparking major concerns for asset holders and the fear of large-scale sell-offs.
Another possible significant factor influencing Bitcoin’s price drop is the launch of Hong Kong’s first inverse Bitcoin futures product. This product allows investors to profit from BTC’s price decline and increases the asset sell-off, resulting in downward trends. It further impacts the cryptocurrency’s value, indicating a significant market shift towards a bearish trend. The massive liquidations have further altered the possible bullish trend. Traders with high leverage are coerced to liquidate their positions to cover losses, further lowering BTC prices.
As Bitcoin’s price experiences a downward trajectory, several technical indicators provide critical insights into the market’s bearish sentiment. Experts have implied that BTC’s hourly Moving Average Convergence Divergence (MACD) is gaining pace in the bearish zone. Also, the hourly Relative Strength Index (RSI) for BTC is below the 50 level, indicating that the asset is in oversold territory and that selling pressure is increasing.
Despite the current challenges, there are indications that Bitcoin prices may rebound shortly. Historical patterns and trends suggest that cryptocurrency has often experienced recoveries driven by renewed buying interest after significant liquidations and market corrections.
While the cryptocurrency’s price drop could be due to a combination of Mt. Gox repayments, inverse BTC futures products, and massive liquidations, the institutional interest in Bitcoin and the potential for recovery remains strong. The recent launch of spot Ethereum ETFs in the United States will likely attract more participants as a new investment window has opened in the crypto world.
Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist.
Twitter: @bhardwajshash
FAQs
"Bitcoin has plummeted to around $53,000, marking a significant decline, while Ether has also turned negative for 2024, reflecting broader concerns in the crypto sector. This downturn is driven by regulatory pressures, adverse macroeconomic factors like weak US job data, and the Japanese stock market crash.
Why did Bitcoin crash yesterday? ›
The cryptocurrency market plunged yesterday, shedding around $367 billion in value over 24 hours. The major cryptocurrencies like Bitcoin and Ethereum saw substantial drops as investors sold out risky assets.
Why is Bitcoin not going up? ›
Bitcoin profitability reaches equilibrium
Bitcoin's price is stuck because the market has reached a point of equilibrium regarding investor profitability, according to Glassnode. For the uninitiated, the Market Value-to-Realized Value (MVRV) Ratio metric is useful for assessing investors' average unrealized profits.
What was the price of Bitcoin in 2010? ›
By 2010, the first recorded market price emerged, valuing Bitcoin at around $0.003 per coin. 2011 saw significant volatility, with the price surging to over $1 before dropping to around $0.30 mid-year, then reaching highs of $31 by year-end.
What is happening with Bitcoin? ›
Bitcoin, ether (ETH) advanced 2%-3% over the past 24 hours on strong day for cryptos. BTC bottomed last week and should rise further based on daily cycles theory, according to chartist Bob Loukas.
Will Bitcoin rise again? ›
Daily Bitcoin (BTC) Price Prediction For Today, Tomorrow, this Week, and Next 30 Days. Based on your price prediction input for Bitcoin, the value of BTC is projected to increase by 5%, potentially reaching $ 58,000.54 in the next 30 days.
Is now a good time to buy Bitcoin? ›
In the past, Bitcoin has recovered from its falls, so this could be a good time to buy Bitcoin. However, it is important to remember that there's no such thing as a guaranteed investment, especially when it comes to cryptocurrencies.
How low can Bitcoin go in 2024? ›
Bitcoin Price Prediction 2024 – 2025
The market is expected to see a low price of $30,225, with a potential move to the $51,438 level in 2024. In 2025, the low is expected to be $39,512, with a high of $62,723. The average price in 2024 is roughly $40,000.
What will $1000 of Bitcoin be worth in 2030? ›
If Wood is correct and Bitcoin does reach $3.8 million by 2030, an investment of $1,000 would be worth over $60,000. This would result in a compound annual growth rate (CAGR) of over 100%.
Who owns most of the bitcoins? ›
So, who are the top holders of BTC? According to the Bitcoin research and analysis firm River Intelligence, Satoshi Nakamoto, the anonymous creator behind Bitcoin, is listed as the top BTC holder as of 2024. The company notes that Satoshi Nakamoto holds about 1.1m BTC tokens in about 22,000 different addresses.
Key Points. Bitcoin Price Prediction: Bernstein forecasts Bitcoin could hit $200,000 by 2025, up from a previous target of $150,000. ETF Impact: Strong inflows into spot U.S. Bitcoin ETFs drive this optimistic outlook.
How much is $10 dollars in Bitcoin in 2010? ›
In 2010, the price of Bitcoin was very low, less than $0.1 per coin. If they had bought $10 worth of Bitcoin at that time, they would have acquired approximately 100 Bitcoin.
Will crypto recover in 2024? ›
While the trend in the first few months remained largely bullish, the bearish interference squashed the bullish possibility. Regardless of this, the Bitcoin price is believed to revamp a strong ascenidng trend in Q4 and rise again in 2024.
Is Bitcoin a good investment? ›
The most important thing to remember about Bitcoin is that it is a high-risk asset. Never invest money that you aren't willing to lose. Treat Bitcoin as a means of slowly growing your existing wealth rather than an all-or-nothing gamble. As with other investments, it's important to hedge your portfolio.
Which crypto to buy today? ›
Top Cryptos
| Name | Price | 24H High |
|---|
| USDC USD Coin | 86.02 | 86.02 |
| XRP Ripple | 51.3990 | 51.3990 |
| DOGE Dogecoin | 10.6306 | 10.6306 |
| TON Toncoin | 637.201 | 637.201 |
37 more rowsHow Many Bitcoins Are There Now in Circulation?
| Total BTC in Existence | 19,816,656.25 |
|---|
| Bitcoins Left to Be Mined | 1,183,343.8 |
| % of Bitcoins Issued | 94.365% |
| New Bitcoins per Day | 900 |
| Mined Bitcoin Blocks | 860,665 |
Image: Yuichiro Chino/Getty Images
