Bitcoin, the world’s largest cryptocurrency, fell to $66,885 (about 2,400,000 baht) in the early hours of Friday, March 15, 2024, down 9% from its all-time high. The next question is What is causing the price to plunge this time? So what factors are worth watching in the future?
Note.From CoinDesk
Words about this fall
Matt Simpson, City Index Analyst It is usually explained, “Bitcoin has a proven track record of being volatile. and ruthless after reaching record highs. It also appears that the Federal Reserve is not as accommodating as traders had hoped.”
Adrian Wang, Founder and CEO of Metalpha He said: “The market may adjust to uncertainty before the halving of mining rewards.”
QCP capital in Singapore It was revealed: “It’s very difficult for these short-term sales to disrupt progress. As long as daily demand for the BTC Spot ETF remains strong,” the short is that this decline is likely to be temporary.
which was earlier this week the predicted market contract on Polymarket It gives a 38% chance that BTC will close above $70,000 by noon US time Friday.
A summary of variables that lead the up-down price of Bitcoin.
- The direction of the Federal Reserve (FED) interest rate cut is still unclear.
- Follow the gold trading index and the US stock market index (Nasdaq).
- The historical trading volume of the Bitcoin ETF from the world’s largest fund, Blackrock, is increasing as large investors hold more bitcoin. Even more confidence for retail investors.
- Bitcoin Halving is simply explained as mining rewards being reduced by ‘half’ every four years, and this scarcity can affect the price.
- The daily demand for BTC Spot ETF may be driving the price higher.
** There is a high level of risk associated with investing in digital assets. Interested persons should study the information and assess risks before deciding to invest.
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