Ethereum

2024

Bitcoin

<p>The post <a href="https://coinpedia.org/news/whos-behind-the-massive-bitcoin-sell-off-market-mystery-revealed/">Crypto Market Meltdown: Here’s Why the Bitcoin Price is Crashing!</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The cryptocurrency market is facing a wave of pessimism as fears of further declines grip investors. <a href="https://markets.coinpedia.org/bitcoin/">Bitcoin (BTC)</a> saw a 3 percent drop in the last 24 hours, falling to around $63,900 during Friday’s London session.</p> 
<p>Interestingly, the cryptocurrency market mirrored the performance of major stock indexes in Asia and Europe, which were also in the red despite a notable rise in the global liquidity index. JPMorgan analysts, led by Nikolaos Panigirtzoglou, noted that the market is gradually turning bearish due to emerging doubts and a lack of supportive narratives.</p> 
<h2 class="wp-block-heading" id="h-decreasing-investor-interest">Decreasing Investor Interest</h2> 
<p>According to on-chain data provided by Glassnode, Bitcoin has been experiencing a downturn in exchange-related on-chain activity, thus suggesting decreased investor interest. Amid the ongoing cash outflows from US-based <a href="https://markets.coinpedia.org/bitcoin-etf/" target="_blank" rel="noreferrer noopener">spot Bitcoin ETFs</a> and notable selling pressure from miners, the BTC’s funding rate has turned negative.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">The big sellers have finally been revealed – veteran <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> whales<br><br>They've offloaded billions in Bitcoin already<br><br>On-chain data reveals these long-term <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> whales have dumped a massive $1.2B worth of <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> over the past two weeks<br><br>This unexpected wave of selling, highlighted by… <a href="https://t.co/Zwd1TLw2qP">pic.twitter.com/Zwd1TLw2qP</a></p>— Johnnie Jacks (@johnnie_jacks) <a href="https://twitter.com/johnnie_jacks/status/1804041292076454251?ref_src=twsrc%5Etfw">June 21, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>In the past five days alone, US-based spot Bitcoin ETFs have seen nearly half a billion dollars in outflows. Meanwhile, Bitcoin whales have offloaded over $1.2 billion through various OTC brokers.</p> 
<p>Despite the ongoing sell-offs, Johnnie Jacks, co-founder of PaciFi and MoonGate Finance, remains optimistic. He believes the current whale and ETF sell-offs are still relatively insignificant. Jacks also highlighted the upcoming Bitcoin halving and the increasing Ethereum volume amid the forthcoming spot ETF listings as positive indicators for the market.</p> 
<h2 class="wp-block-heading" id="h-midterm-expectations-bearish">Midterm Expectations? Bearish!</h2> 
<p><a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">Bitcoin</a> has lost several key support levels in the past two weeks, suggesting a midterm bearish outlook. Although a rebound is possible at any time, the current focus is on maintaining support above $60,000 as the weekly Relative Strength Index (RSI) approaches the 50 mark.</p> 
<p>Should the bearish sentiment persist, many analysts predict Bitcoin could drop to around $48,000 before the bulls regain control. This potential decline is seen as a crucial testing ground for Bitcoin’s resilience in the face of ongoing market turbulence.</p> 
<p>Also Read: <a href="https://coinpedia.org/news/crypto-market-crash-whales-are-targeting-these-three-altcoins/" target="_blank" rel="noreferrer noopener">Crypto Market Crash: Whales Are Targeting These Three Altcoins</a></p> 
<p><strong>Is this the start of a crypto winter? Stay tuned for further updates.</strong></p>

Crypto Market Meltdown: Here’s Why the Bitcoin Price is Crashing!

Table of Contents

CoinPedia News

Other articles published on Jun 21, 2024

Old Bitcoin whales are selling: Reserves held for years are now pressuring the market

Kerpl Google Extension vs. Kerpl Mobile App: Which is Right for You?

Underrated Mid-Cap Altcoins: Crypto Expert’s Picks for Summer FOMO

AGII Strengthens Market Stability with Successful Burn of 5 Million Tokens

MoonBag Presale Outpaces Binance and Render As It Surpasses To Stage 6 in A Month

Analyst Predicts Bitcoin’s Next Move

Join our free newsletter for daily crypto updates!