Bitcoin
Why Bitcoin is down 2.4% today
Analysis
Bitcoin fell 2.4% over the past 24 hours as ETF-flow and technical momentum signals weakened, with Decrypt noting BTC slipping below a key support level and warning of further downside if flows and momentum don’t improve. Separately, sentiment may have been pressured by CoinDesk’s report that the founder of Russia’s largest bitcoin mining firm was arrested for alleged tax evasion while the company faces bankruptcy, adding another risk headline to the sector.
Contributing Factors (3)
Bitcoin Risks Further Slide as Momentum Weakens Below Key Support
Fragile momentum and macro uncertainty are keeping Bitcoin and the broader crypto market at risk of further declines, analysts say.
Russia's biggest bitcoin mining firm's founder arrested for tax evasion while his company faces bankruptcy
An En+ subsidiary has filed an insolvency claim against the crypto mining firm, adding to pressure from energy debts, regulatory curbs and internal turmoil.
VistaShares launches Treasury ETF with options-based Bitcoin exposure
The NYSE-listed BTYB allocates most of its assets to US Treasurys while using options strategies to provide weekly income and Bitcoin-linked exposure.
Move Details
Explanation Confidence
High confidence in the explanation based on source reliability and timing.