Bitcoin has fallen by 30% in two months, causing panic among investors.

Source: DecenterKorea Original Title: “How far will it fall?” Scream···What will happen to Bitcoin, which has plummeted by 30% in just two months? Original Link: https://www.decenter.kr/NewsView/2H1KOP2PPT/GZ03

Market Overview

The price of Bitcoin saw a significant drop on the 1st and is currently fluctuating around $85,000.

According to data from a compliance platform, at 4:20 PM Eastern Time, the price of Bitcoin was $8,584.3, a decrease of 5.84% compared to 24 hours ago. Earlier that morning, it had briefly dropped to the $83,000 range.

At the same time, Ethereum, the second largest cryptocurrency by market capitalization, also fell over 7%, trading around $2700. Other major cryptocurrencies also declined across the board.

Decline Analysis

According to data from a compliance platform, Bitcoin has fallen more than 30% since hitting an all-time high of $126,210.50 on October 6.

Reasons for the Decline

U.S. media such as CNBC reported that the People's Bank of China recently issued a warning regarding illegal activities related to virtual currencies, which impacted the virtual currency market on that day.

In addition, the uncertainty surrounding the outlook for the Federal Reserve's benchmark interest rate cut, along with concerns about the macroeconomy, continues to dampen investor confidence.

Expert Opinions

The founder and chief investment officer of investment advisory firm FedWatch Advisors, Ben Emmons, pointed out that market participants remain in a “state of unease” following the recent significant sell-off of Bitcoin.

He pointed out that certain exchanges have large positions with leverage investments of up to 200 times, warning that “if the price of Bitcoin cannot break through the current low, it is expected to trigger further liquidations.”