Why did Bitcoin plummet in a week (why did Bitcoin continue to decline)

Why Bitcoin plummets in a week Why Bitcoin plummets in a week Why did Bitcoin plummet in a week? Why did Bitcoin suddenly skyrocket from Monday to Friday

According to the cointelgraph, the Cryptocurrency market continued to decline from May 19 to 30. Since then, prices have been fluctuating at low levels; Subsequently, a rebound began in the evening. However, as the price sharply rose again to near the $60000 mark, it encountered a brief pullback – at that time, the price of Bitcoin hovered above $60000. As of the time of publication, Bitcoin has recovered to around $62000 Due to the high volatility of Bitcoin in recent trading days, many analysts attribute the crash to the increasing demand for digital assets from institutions and investors. According to data from encryption research company Chainalysis, since October last year, approximately $200 million worth of tokens have flowed into cryptowallets through exchanges. Therefore, this trend is likely to end soon. Although there has not been any further decline or correction yet, it indicates that more and more people are investing in digital assets Bitcoin has seen a significant surge this week, rising from $61000 to over $75000, an increase of up to 20%; Then it continued to decline until now, stopping the downward trend and quickly recovering; However, this round of adjustment did not have much impact on other counterfeit coins: mainstream counterfeit coins such as Ethereum and XRP also followed suit, while counterfeit coins such as BNB, ADA, XLM and DOT performed insipid

Why does Bitcoin continue to decline

Why does Bitcoin continue to decline? In the 2017 bull market, prices have been in a sideways stage. As the bear market gradually cools down, the market also becomes more fragile. From January 2017 to the end of 2018, prices have been hovering at high levels until the end of 2019, when there was a slight decline. Afterwards, BTC experienced multiple adjustments and rebounds. From early 2017 to early 2020, BTC showed a significant upward trend, but then fell into three consecutive trading days of sharp declines

According to coinmarketcap data, the total market value of global Cryptocurrency has so far been 2775471.05 dollars, with a 24-hour increase of 5.64%; The top five currencies are ETH (+1.65%), XRP (+1.87%), LTC (+1.26%), and BCH (5.92%); The cumulative increase in the past 7 days has reached 14.74%.