Here’s Who Caused Bitcoin to Fall Below $22,000!

Here’s Who Caused Bitcoin to Fall Below $22,000!

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Answer Here’s Who Caused Bitcoin to Fall Below $22,000!

The price of Bitcoin has fallen rapidly from the level of $ 25 thousand to the current level of $ 21,400.

According to Cryptoquant data shared by analyst Ali Martinez, it appears that bitcoin miners have benefited from the recent bitcoin price rally above $25,000 and sold significant amounts of bitcoin.

According to the chart provided, miners have sold 5,925 bitcoins with a total value of nearly $142 million over the past two weeks.

This shows that in the wake of the recent price increase, miners have seized the opportunity to gain some liquidity, possibly to strengthen their balance sheets and reduce risk.

Long-term holders, especially those who bought their bitcoins near the top of the market in 2021-2022, have also had a role in the recent selling pressure on the currency.

According to Glassnode, since the collapse of LUNA in May, there has been a net outflow of 300,000 bitcoins from long-term bitcoin holders (LTHs), in favor of short-term bitcoin holders (STHs).

Santiment previously indicated that bitcoin profit taking is on the rise as the price of bitcoin fell to $23,000.

Cryptocurrencies experienced a heavy selloff as the market slumped due to increased monetary policy uncertainty.

Bitcoin is down 9%, hitting its lowest level since late July.

According to Coinglass data, $552.79 million worth of cryptocurrency positions were liquidated over a 24-hour period, with bitcoin worth $203 million of this total.

At the time of writing, Bitcoin is trading at $21,400, with the price of Bitcoin lower than the realized price.

Read:A cryptocurrency exchange “mistakenly” sent half a billion dollars to its customers

Currently, expectations and sentiments in the short term remain mixed.

It is also worth noting that the fear and greed index in cryptocurrencies has returned to fear, indicating increasing levels of anxiety towards the market.

Read also:

South Korea cracks down on offshore crypto trading platforms that operate without a license

Bitcoin drops below $22,000 and Ethereum drops to $1,700

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