Explained: 3 Theories Behind Bitcoin's 8% Plummet Today
Portfolio Pulse from Mehab Qureshi
Bitcoin's value dropped by 8% due to three potential reasons: SpaceX reportedly selling its Bitcoin holdings, the release of minutes from the Federal Reserve's last meeting suggesting future interest rate increases, and China Evergrande filing for bankruptcy protection. The market turbulence resulted in significant losses for traders, with approximately $823 million worth of long positions being liquidated.
August 18, 2023 | 4:57 am
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NEUTRAL IMPACT
Dogecoin's co-founder commented on the situation of Bitcoin's value drop, but the news does not directly impact Dogecoin's value.
While Dogecoin's co-founder commented on the situation, the news does not directly impact Dogecoin's value. The market reaction to these events is uncertain and could potentially affect all cryptocurrencies, including Dogecoin.
CONFIDENCE 90
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
Bitcoin's value dropped by 8% due to potential factors including SpaceX's Bitcoin sell-off, Federal Reserve's minutes suggesting future interest rate hikes, and China Evergrande's bankruptcy filing.
The news of SpaceX selling its Bitcoin holdings, the Federal Reserve's minutes suggesting future interest rate hikes, and China Evergrande's bankruptcy filing have all contributed to the market uncertainty and the drop in Bitcoin's value.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100