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Major Reasons for Bitcoin Price Drop

Aug 28, 2024
  1. War Situation in Russia
  2. ETF Outflows
  3. Market Manipulation

The price of Bitcoin is going down again, affecting many other tokens in the crypto market. A few days ago, Bitcoin was trading at around $64,000, and now it has dropped to $58,000. Ash Crypto, a crypto expert, shared insights on the factors leading to this decline.

War Situation in Russia

Ash noted that risk-on assets like Bitcoin are usually the first to be sold during wars. A recent drone attack on Russia has increased the likelihood of an escalation in the Russian-Ukraine war.

ETF Outflows

Bitcoin ETFs have also been experiencing major outflows, with a $127 million outflow yesterday alone, marking the highest daily outflow since August 6.

Market Manipulation

Popular assets like the S&P 500 and NASDAQ rose, while Bitcoin fell. The expert calls this a clear sign of market manipulation. Some market participants might be trying to suppress Bitcoin prices to accumulate it between $50,000 and $65,000.

Considering these factors, the price of Bitcoin may rise again at the end of September, when supply continues to decrease and accumulation becomes more apparent.

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