Why bitcoin drops this week and yesterday?
Bitcoin experienced a sharp decline today, dropping to a low of around $60,600 on Binance. This drop comes amid the escalating conflict between Iran and Israel, with Iran launching an attack against Israel using dozens of drones.
Bitcoin dropped this week due to a combination of factors, including decreased trading volume, increased price volatility, and a report that SpaceX had sold some of its bitcoin holdings. Additionally, concerns over the Chinese property sector and the potential for a full-blown economic crisis have also contributed to the price decline. The crypto market is down today due to investors reducing their risk in anticipation of a hot Consumer Price Index (CPI) report, leading to $250 million in crypto derivatives market liquidations.
Bitcoin experienced a sharp decline today, dropping to a low of around $60,600 on Binance. This drop comes amid the escalating conflict between Iran and Israel, with Iran launching an attack against Israel using dozens of drones. The recent spike in tensions follows Iran's accusation that Israel was behind an attack on its consulate in Damascus earlier this month. The negative action continued when Bitcoin dropped to an even lower price of $60,000. At the time of writing, Bitcoin is trading above $62,500, down around 6% in the last 24 hours. The broader altcoin market is also suffering, with Ethereum (ETH) down over 8%, trading around $2,900, and Binance Coin (BNB) dropping by 10%.
Bitcoin price prediction for may 2024
The price prediction for bitcoin in May 2024 is not explicitly mentioned in the search results provided. However, based on the information available, Bitcoin is expected to exhibit strong bullish momentum towards the latter part of the year, aiming for peak values. This could lead to an initial surge beyond $62,000, with bears showing limited activity in the early days. As the month draws to a close, the BTC price is projected to fluctuate within the range of $52,500 to $54,600
Bitcoin experienced a sharp decline today, dropping to a low of around $60,600 on Binance. This drop comes amid the escalating conflict between Iran and Israel, with Iran launching an attack against Israel using dozens of drones. The recent spike in tensions follows Iran's accusation that Israel was behind an attack on its consulate in Damascus earlier this month. The negative action continued when Bitcoin dropped to an even lower price of $60,000. At the time of writing, Bitcoin is trading above $62,500, down around 6% in the last 24 hours. The broader altcoin market is also suffering, with Ethereum (ETH) down over 8%, trading around $2,900, and Binance Coin (BNB) dropping by 10%.
Bitcoin price prediction for may 2024
The price prediction for bitcoin in May 2024 is not explicitly mentioned in the search results provided. However, based on the information available, Bitcoin is expected to exhibit strong bullish momentum towards the latter part of the year, aiming for peak values. This could lead to an initial surge beyond $62,000, with bears showing limited activity in the early days. As the month draws to a close, the BTC price is projected to fluctuate within the range of $52,500 to $54,600