Bitcoin Price Crashes Below $61,000: The Main Reasons

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Related Reading: Bitcoin Crash: Crypto Analyst Reveals Why Price Could Drop To $52,000 This news was perceived negatively by the market, primarily due to fears of oversupply from beneficiaries likely selling off assets that have massively appreciated since their initial investment period before 2013.

Related Reading: Bitcoin Drops Below $64,000, But Arthur Hayes Advocates Buy The Dip’ As reported by NewsBTC, renowned crypto analyst Willy Woo and others have pointed out that miner capitulation is a crucial phase to monitor, especially following the Bitcoin halving events that reduce miner rewards by half, thereby straining their profitability.

This cascade effect contributes significantly to rapid price declines and increased market volatility.#3 Ongoing Miner Capitulation Adds To Sell Pressure The third critical factor affecting Bitcoin’s price is the ongoing miner capitulation.

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Article Details

Author / Journalist: Jake Simmons

Category: Crypto

Markets: United KingdomAustria

Topics: Bitcoin Btc price Btcusd Why Is Bitcoin Down Today Btc Bitcoin Bitcoin news Bitcoin price Why Is Bitcoin Price Down Today

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-06-24 @ 14:30:35 (4 days ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 544 words

Reading Time: 4 minutes read

Sentences: 66 lines

Sentence Length: 9 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © NewsBTC

News ID: 21369697

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About NewsBTC

Main Topics: Crypto

Official Website: newsbtc.com

Update Frequency: 7 posts per day

Year Established: 2013

Headquarters: United Kingdom

News Last Updated: 12 hours ago

Coverage Areas: United Kingdom

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

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Website Security: Secure (HTTPS)

Publisher ID: #102

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