Bitcoin Quotes Fall, Opinions.
18 Aug 2023, 16:43
Bitcoin Quotes Fall, Opinions
The price of the first cryptocurrency plummeted from $28,000 to $25,000 on the night of August 17. At the time of writing, BTC is quoted at $26,014. Below are the opinions of experts on what happened.
EToro analyst Josh Gilbert suggested that the "drop" is related to the sale of bitcoins by Elon Musk's SpaceX company for $373 million. Another reason for the price drop could be the unstable market sentiment amid a key interest rate cut by the US Federal Reserve.
CoinMarketCap market analyst Tina Teng believes that bitcoin's decline is due to the recent rise in Treasury yields. Markus Thielen, head of research at Matrixport, noted that the risk of devaluation of the Chinese yuan played a significant role in the first cryptocurrency's fall.
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