When will bitcoin go down

Why right now?

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Why is bitcoin dropping today

“The best thing you could say about Bitcoin right now is that its traditional September blues—it’s fallen for six consecutive Septembers—has yet to materialize,” said Antoni Trenchev, managing partner at crypto lender Nexo. “Don’t get too comfortable with this price passivity because the fact Bitcoin has been wedded to $25,800 for 10 days tells us that the breakout when it happens will likely be fierce.” Most Popular Today Amidst ongoing discussions about the trajectory of Bitcoin‘s value, the cryptocurrency market is abuzz with speculation. 

Paper statistics

Jan. 11 was a historic day for the crypto industry after the SEC approved 11 bitcoin ETF applications late Jan. 10, which included issuers ARK Invest (ARKK), BlackRock (BLK), Grayscale, VanEck and more. Bitcoin Miners Tumble on Bitcoin's Late Night Crash The price crash caused $805 million of liquidations, according to CoinGlass. That included $381 million of bitcoin liquidations and $247 million of ether liquidations. The majority of positions affected were long positions as the price dropped.

Why is bitcoin dropping today

Well, Bitcoin and fiat currencies (such as the dollar and the euro) are very different types of assets. Traditional currencies are backed by an entire government and they are also legal tender. This means that it is a legal obligation to accept them as a means of payment – which is not the case for any private crypto-currency. El Salvador being the sole exception since their decision to adopt Bitcoin as legal tender recently. Could the Bitcoin price go to zero? Download Now