Bitcoin Tumbles Below $65,000: Increased Selling Pressure Sparks Major Price Drop
Despite bullish sentiments in the crypto market, the trade price of Bitcoin & other flagship crypto assets is dropping rapidly every day.
The current trade price of Bitcoin (BTC) is $65,531 & this price is 4.24% down over the last 7 days period. Today the lowest trade price of Bitcoin was $64,600.
Some prominent crypto propenents talked on this situation and noted that there is very high sell pressure in the market and this fear is visible for the altcoins. But suggested people to grab this situation as an opportunity to accumulate some best assets at discounted price.
No doubt that no postive factor supporting Bitcoin buy sentiments in the market but other hand big players are not finding any big reason to hold Bitcoin. So sell pressure in the Bitcoin market is high because of continuous Bitcoin sell activities by big players.
Popular Crypto analyst Titan of Crypto shared his analysis on the current situation & noted that Bitcoin is not going to face more big correction in the upcoming weeks & months and there are huge chances of price increment to a new big high.
Recently a BlackRock executive has indicated that ETF advisors are currently conducting thorough evaluations of Bitcoin. This process involves detailed research and analysis to understand Bitcoin’s potential risks and benefits before considering it for inclusion in their investment products.
Good/Bad for US crypto sector
David Hirsch announced on LinkedIn that he has left his position as the chief of the SEC’s Crypto Asset and Cyber Unit. Friday was his last day in the role.
It is worth it to note that Hirsch was neither crypto supporter not hater but we can call him accurately as a regulator rather than as a hater or supporter of crypto. His approach was focused on enforcing existing securities laws and ensuring compliance within the crypto industry, which some might perceive as adversarial, while others might see it as necessary oversight.
It will be interesting to see where David Hirsch will go for his future profession, whether it will be in the crypto sector or not.
Read also: Analyst Warns Hedge Funds Shorting MicroStrategy Could Trigger Bitcoin Crash
