Bitcoin remained volatile this week owing to macroeconomic factors and lack of momentum
Bitcoin holdings, the repercussions of this move resonated far beyond its initial impact.
The reverberations of SpaceX's decision sent shockwaves through the market, sparking a chain reaction of sell-offs that contributed to the downward trajectory. However, it's essential to acknowledge that this is just one piece of a complex puzzle contributing to the current market dynamics.
Beyond the SpaceX announcement, other influencing factors also have played a role in shaping up the recent market trends. One noteworthy factor is the waning interest in Bitcoin Exchange-Traded Funds (ETFs). Additionally, macroeconomic factors, such as global economic conditions and governmental policies, are exerting their influence on the cryptocurrency space.
On Friday, the selling pressure intensified ahead of the Federal Reserve Chair Jerome Powell’s imminent speech. This anticipation of Powell’s speech has led many market participants to shift away from riskier assets, and this cautious sentiment isn't limited to cryptocurrencies alone. Traditional markets are also experiencing the impact of this uncertainty.
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View Details»Bitcoin saw a significant drop of over 10% in the past week, marking its most substantial decline since the FTX crash back in November.
The past week witnessed a substantial decline in Bitcoin's value, with a drop exceeding 10%. This plummet marks the most significant slide in value since the FTX crash that transpired
