3 reasons Bitcoin abruptly dropped by 7.4% overnight
The price of Bitcoin declined steeply overnight and three factors are likely behind the unexpected pullback. The price of Bitcoin (BTC) dropped sharply from $37,800 to $35,000 overnight, liquidating $572 million worth of cryptocurrency futures positions.There are three major reasons why the price of Bitcoin declined steeply in the past 12 hours. The reasons are an overheated derivatives market, growing doubt in the market, and the lack of upside volatility.BTC/USD 15-minute candle chart (Bitstamp). Source: TradingviewDerivatives market was overheated before the correctionBefore the....
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