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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