Bitcoin Plummets to $8,900 on Crypto Exchange

Bitcoin Plummets to $8,900 on Crypto Exchange

On Monday, there was a sharp drop in the price of Bitcoin (BTC)⁣ on the BitMEX ⁢crypto exchange, from its ⁢usual worth ‍of⁢ over $60,000 to a staggering⁤ $8,900. However, the drop was temporary as Bitcoin quickly rebounded and ⁢reached $67,000 by 23:00 UTC. The sudden decline, which occurred around 22:40 UTC, was attributed to a massive sell-off by⁢ a ⁤crypto whale, as observed on social media and​ confirmed⁣ by‍ market experts. In the midst of this, BitMEX had also restricted withdrawals for certain‍ accounts, but ⁤assured that all funds were secure and operations were normal.

Economist Peter​ Schiff warned of a potential bigger downturn, citing ‌the overconfidence of the market when‍ Bitcoin hit $69,000 in November⁤ 2021, only to fall below $16,000 a⁢ year‌ later. This time,⁣ market sentiment is showing signs of extreme greed, with a Fear⁢ and Greed score of 79 on ‍the⁣ index, indicating avarice among investors. Additionally, the dynamics that drove Bitcoin to record highs have shifted, with reduced demand from ⁣the US. The Coinbase ⁢Premium index, which ​measures prices on the US-based Coinbase‍ and⁣ Binance exchanges, has turned negative, and data from CryptoQuant suggests a decrease in demand from US investors. This shift‍ is reflected in a slowdown in US spot ETF inflows, with Grayscale’s ETF experiencing outflows of $642.5 million. It is important for​ readers to independently verify facts and seek professional advice before making any⁤ decisions ⁤based on ⁤this information.

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