Bitcoin
Why Bitcoin is down 7.7% today
Analysis
Bitcoin fell 7.7% over the past 24 hours as risk sentiment deteriorated amid reports of an exchange outage that coincided with plunging spot volumes and BTC dropping below $84,000, pressuring broader crypto-linked equities as well (CoinDesk). Additional sector weakness came as Bit Digital announced it will fully wind down its bitcoin mining operations, reinforcing a negative tone around bitcoin mining exposure (The Block).
Contributing Factors (3)
Crypto stocks sink as spot volume plunges and bitcoin tumbles below $84,000
Bellwether crypto exchange Coinbase was lower for an 8th straight session on Thursday to its weakest level since May.
Brock Pierce-backed Ethereum treasury firm Bit Digital to fully wind down bitcoin mining operations
Bit Digital entered the bitcoin mining business in 2020 and was an early diversifier into the HPC/AI sector.
Bitcoin's Quantum threat is ‘real but distant,’ says Wall Street analyst as doomsday debate rages on
Wall Street broker Benchmark argued the crypto network has ample time to evolve as quantum risks shift from theory to risk management.
Move Details
Explanation Confidence
High confidence in the explanation based on source reliability and timing.