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Bitcoin is Falling – Here’s the Probable Reason for the Recent Decline and the Latest Data

Bitcoin is Falling – Here’s the Probable Reason for the Recent Decline and the Latest Data

BitcoinsistemiBitcoinsistemi2024/08/02 20:48
By:Mete Demiralp

Bitcoin, the world's largest cryptocurrency, faced a sudden decline again. Here's the likely reason for the decline.

According to the data, there is a sudden decline in the price of Bitcoin. BTC price has lost more than 1% in the last 30 minutes.

It is thought that the decrease in price is due to the increase in tension between Israel and Iran.

“The world will witness extraordinary scenes and very important developments in the coming hours,” said the Iranian state television presenter in his live broadcast program focusing on Tehran's retaliation against Israel after the killing of Hamas leader Ismail Haniye in Tehran.

Mohammad Marandi, an advisor to Iran's Ministry of Foreign Affairs, tweeted a photo of a missile with the words “leave, it's coming” three hours ago.

Related News Bank of America, Which Expected the First Rate Cut in December, Changed Its Forecasts

In these minutes when tension increases, BTC price is traded around $ 62,400. Let's also add that no candle wick has been placed below $ 62,000 yet.

Bitcoin is Falling – Here’s the Probable Reason for the Recent Decline and the Latest Data image 0 Bitcoin is Falling – Here’s the Probable Reason for the Recent Decline and the Latest Data image 1 Chart with minute candles showing the recent movement of the BTC price.

On the other hand, liquidation data also became interesting with the increase in volatility. According to the data, a total of 13 million dollars of liquidation took place in the last hour. Of these, $10.58 million was in long positions.

According to 24-hour data, it is seen that there is a liquidation of 254 million dollars in the cryptocurrency market, of which 190 million dollars is in long positions and the rest is in short positions.

*This is not investment advice.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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