Crypto Market Turns Red as Bitcoin Slips Below $60k

It was only weeks ago that Bitcoin was trading like crazy and almost touching $70K when it was believed that the flagship cryptocurrency might not be able to reach anywhere near it for various months. Thanks to the newly approved exchange-traded funds for Bitcoin futures by the Securities and Exchange Commission, Bitcoin saw a massive boost of incoming investment by the whales, which pushed the price of the cryptocurrency to new horizons. But since then, a lot has changed as the whole globe fights a massive rollout of inflation and economic imbalance. Bitcoin and especially the crypto market are feeling the tremors.

At the time of writing, Bitcoin is merely trying its best to keep its price above $53K, but it is a tiring effort, and Bitcoin seems to be in a freefall. It has fallen all the way back to $52K, coming really close to dropping below but then managing to survive and coming back at above $56K. A dedicated cause of this sudden price decline is linked to derivatives over big-time sellers. The comments of Hillary Clinton and the very approval of the Mt. Gox rehabilitation plan might have triggered a negative sentiment among the investors regarding digital assets but especially Bitcoin.

Bitcoin’s Price is Going Down

Bitcoin holds a primary value within the realms of the crypto market, and whenever the flagship cryptocurrency is down or struggling to keep its head above the water, the whole crypto market gets dragged with Bitcoin. Many analysts over the past few weeks have tried their best to determine the very cause of the recent price slumps, and it seems to be pointed towards derivatives. According to analysts, people were shorting Bitcoin through a significant market order in the perpetual futures market.

This is one of the compelling factors which led to such a massacre of bitcoin’s price and performance within the crypto market. Hillary Clinton’s statement on digital assets came out, and it did influence a negative sentiment among the investors as she said that digital assets are unstable and these could destabilize nations if left unchecked. But the real reason behind all this seems to be the lack of confidence among the investors in the crypto market but especially Bitcoin, which is why it is having such a hard time.

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