Bitcoin
Why Bitcoin is down 9.1% today
Analysis
Bitcoin fell 9.1% over the past 24 hours as the selloff intensified alongside reports of worsening ETF flow dynamics and broader risk-off sentiment in major tokens. CryptoQuant data cited by The Block warned the downturn has deteriorated beyond 2022 bear-market conditions and flagged potential downside toward $60,000, reinforcing bearish positioning.
Contributing Factors (3)
CryptoQuant says bitcoin could fall to $60,000 as downturn worsens beyond 2022 bear market
The bitcoin price has broken below its 365-day moving average for the first time since March 2022, CryptoQuant said.
Bitcoin sinks to 2021 levels as selloff deepens below $70,000
Bitcoin has fallen below $70,000, hitting levels last seen in 2021 as heavy selling, and weakening on-chain metrics deepen the market downturn.
XRP plunges 16% in worst drop among bitcoin, ether and major tokens
Move Details
Explanation Confidence
High confidence in the explanation based on source reliability and timing.