Bitcoin
Why Bitcoin is down 7.1% today
Analysis
Bitcoin fell 7.1% over the past 24 hours as risk sentiment weakened amid a sharp drop in spot trading activity and market disruption tied to an exchange outage, which CoinDesk reported coincided with BTC tumbling below $84,000. Additional pressure came from macro-driven ETF flow concerns, with CoinDesk noting that Fed contender Kevin Warsh is viewed as relatively bearish for bitcoin, potentially weighing on expectations for easier policy.
Contributing Factors (3)
Here's why Fed contender Kevin Warsh is seen as bearish for bitcoin
BTC fell deeper to nearly $81,000 late Thursday as Warsh's odds surged in betting markets.
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.
Move Details
Explanation Confidence
High confidence in the explanation based on source reliability and timing.