{"id":530409,"date":"2023-05-08T07:00:46","date_gmt":"2023-05-08T07:00:46","guid":{"rendered":"https:\/\/uniquehot.com\/?p=530409"},"modified":"2024-06-11T10:17:08","modified_gmt":"2024-06-11T10:17:08","slug":"why-is-bitcoin-down-today-crypto-market-takes-hit","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/why-is-bitcoin-down-today-crypto-market-takes-hit\/","title":{"rendered":"Why Is Bitcoin Down Today? Crypto Market Takes Another Hit"},"content":{"rendered":"<p>The Bitcoin price lost 4.2% over the past weekend and slid again to $28,000. The broader crypto market is also consistently in the red. The second largest cryptocurrency by market cap, Ethereum, is down 6% since Friday.<\/p>\n<h2>Why Are Bitcoin And Crypto Down Today?<\/h2>\n<p>As always, Bitcoin&#8217;s recent price movement should be viewed from multiple angles, as for most of the time there is not just one reason. However, one factor stands out at the moment: the congestion of the Bitcoin network and the extremely high fees for a BTC transaction.<\/p>\n<p>The reasons for the congestion are the Bitcoin <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-nft-ordinals-boosts-taproot-adoption-by-1000-in-q1-2023\/\" target=\"_blank\" rel=\"noopener \">Ordinals<\/a> and the new BRC-20 token standard. With its creation in early March, people can now create fungible tokens in addition to Bitcoin. Embraced by the <a href=\"https:\/\/uniquehot.com\/news\/pepe-shoots-up-708\/\" target=\"_blank\" rel=\"noopener \">meme coin<\/a> community, this new token standard has quickly seen a surge in daily transactions and a market cap of over $160 million this week.<\/p>\n<p>Binance, the largest cryptocurrency exchange by trading volume, first announced on Sunday that it had halted Bitcoin (BTC) withdrawals. According to a statement on Twitter, the exchange has stopped Bitcoin (BTC) withdrawals due to congestion on the Bitcoin network.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-miners-reap-profits-as-mining-difficulty-hits-3-month-low\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Miners Reap Profits As Mining Difficulty Hits 3-Month Low<\/a><\/div>\n<p>A few hours ago, Binance halted Bitcoin withdrawals again, citing a large backlog of pending withdrawals. Binance tweeted on May 8 that it had &#8220;temporarily&#8221; shut down BTC withdrawals because there was &#8220;a large volume of pending transactions.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">We&#39;ve temporarily closed <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#BTC<\/a> withdrawals due to the large volume of pending transactions.<\/p>\n<p>Our team is currently working on a fix and will reopen <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> withdrawals as soon as possible.<\/p>\n<p>Rest assured, funds are SAFU.<\/p>\n<p>&mdash; Binance (@binance) <a href=\"https:\/\/twitter.com\/binance\/status\/83261185?ref_src=twsrc%5Etfw\" rel=\"nofollow\">May 8, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>After two hours, Binance <a href=\"https:\/\/twitter.com\/binance\/status\/83261185\" target=\"_blank\" rel=\"noopener nofollow\">wrote<\/a> that BTC withdrawals were available again, but at higher fees. &#8220;To prevent a similar recurrence in the future, our fees have been adjusted,&#8221; the exchange explained, adding, &#8220;We will continue to monitor on-chain activity and adjust accordingly if needed. Our team has also been working on enabling BTC Lightning Network withdrawals, which will help in such situations.&#8221;<\/p>\n<p>The clogging of the Bitcoin network, as well as the withdrawal pause at Binance, may have unsettled the market and caused the price drop. Remarkably, it&#8217;s not just Binance. At press time, 429,000 transactions were waiting in the <a href=\"https:\/\/mempool.space\/\" target=\"_blank\" rel=\"noopener nofollow\">meme pool<\/a> to be included in a block.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/if-over-2300-banks-in-america-are-bankrupt-will-bitcoin-break-above-40000\/\" target=\"_blank\" rel=\"noopener \">If Over 2,300 Banks In America Are Bankrupt, Will Bitcoin Break Above $40,000?<\/a><\/div>\n<p>On the other hand, it should be noted that the Bitcoin price has been in a consolidation phase for several weeks now after the furious rally at the beginning of the year. With the recent price drop, BTC is stuck in its trading range, but the overall bullish picture for BTC remains unchanged.<\/p>\n<figure id=\"attachment_530420\" aria-describedby=\"caption-attachment-530420\" style=\"width: 3625px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-530420 size-full\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/BTCUSD_2023-05-08_08-33-06.png?resize=3625%2C1672\" alt=\"Bitcoin price\" width=\"3625\" height=\"1672\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/BTCUSD_2023-05-08_08-33-06.png?w=3625 3625w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/BTCUSD_2023-05-08_08-33-06.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/BTCUSD_2023-05-08_08-33-06.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/BTCUSD_2023-05-08_08-33-06.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/BTCUSD_2023-05-08_08-33-06.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/BTCUSD_2023-05-08_08-33-06.png?w=2048 2048w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/BTCUSD_2023-05-08_08-33-06.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/BTCUSD_2023-05-08_08-33-06.png?w=1140 1140w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/BTCUSD_2023-05-08_08-33-06.png?w=3000 3000w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-530420\" class=\"wp-caption-text\">BTC price, 1-day chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/11S1gbek\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<p>Last but not least, the Bitcoin and crypto market is currently struggling with historically low liquidity as a result of Operation Choke Point 2.0, as Bitcoinist <a href=\"https:\/\/bitcoinist.com\/bitcoin-liquidity-shrinks-462-btc-move-price\/\" target=\"_blank\" rel=\"noopener nofollow\">reported<\/a>. Due to this, volatility is expected to be higher as even a few large buy and sell orders can move the market more.<\/p>\n<p>Delta-based trader @Skew52 explained that during the price slump, it was noticeable that Coinbase led the market with spot sales to the downside. As BTC stabilized at $28,200 at press time, the trader wrote:<\/p>\n<blockquote><p><strong>$BTC Binance Spot. Update: spot buyers around $28K &amp; likely to sell around $28.5K &#8211; $28.7K Still decent bid depth here.<\/strong><\/p><\/blockquote>\n<figure id=\"attachment_530414\" aria-describedby=\"caption-attachment-530414\" style=\"width: 2553px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-530414 size-full\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/FvlUzYtaUAEFYzQ.png?resize=2553%2C1221\" alt=\"Bitcoin Binance CVDs &amp; Delta \" width=\"2553\" height=\"1221\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/FvlUzYtaUAEFYzQ.png?w=2553 2553w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/FvlUzYtaUAEFYzQ.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/FvlUzYtaUAEFYzQ.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/FvlUzYtaUAEFYzQ.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/FvlUzYtaUAEFYzQ.png?w=1536 1536w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/FvlUzYtaUAEFYzQ.png?w=2048 2048w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/FvlUzYtaUAEFYzQ.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/05\/FvlUzYtaUAEFYzQ.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-530414\" class=\"wp-caption-text\">BTC Binance CVDs &amp; Delta | Source: Twitter <a href=\"https:\/\/twitter.com\/52kskew\/status\/90919941\" target=\"_blank\" rel=\"noopener nofollow\">@52kskew<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Bitcoin price lost 4.2% over the past weekend and slid again to $28,000. The broader crypto market is also consistently in the red. The second largest cryptocurrency by market cap, Ethereum, is down 6% since Friday. Why Are Bitcoin And Crypto Down Today? As always, Bitcoin&#8217;s recent price movement should be viewed from multiple angles, as for most of the time there is not just one reason. However, one factor stands out at the moment: the congestion of the Bitcoin network and the extremely high fees for a BTC transaction. The reasons for the congestion are the Bitcoin Ordinals and the new BRC-20 token standard. With its creation in early March, people can now create fungible tokens in addition to Bitcoin. Embraced by the meme coin community, this new token standard has quickly seen a surge in daily transactions and a market cap of over $160 million this week. Binance, the largest cryptocurrency exchange by trading volume, first announced on Sunday that it had halted Bitcoin (BTC) withdrawals. According to a statement on Twitter, the exchange has stopped Bitcoin (BTC) withdrawals due to congestion on the Bitcoin network. Related Reading: Bitcoin Miners Reap Profits As Mining Difficulty Hits 3-Month Low A few hours ago, Binance halted Bitcoin withdrawals again, citing a large backlog of pending withdrawals. Binance tweeted on May 8 that it had &#8220;temporarily&#8221; shut down BTC withdrawals because there was &#8220;a large volume of pending transactions.&#8221; We&#39;ve temporarily closed #BTC withdrawals due to the large volume of pending transactions. Our team is currently working on a fix and will reopen $BTC withdrawals as soon as possible. Rest assured, funds are SAFU. &mdash; Binance (@binance) May 8, 2023 After two hours, Binance wrote that BTC withdrawals were available again, but at higher fees. &#8220;To prevent a similar recurrence in the future, our fees have been adjusted,&#8221; the exchange explained, adding, &#8220;We will continue to monitor on-chain activity and adjust accordingly if needed. Our team has also been working on enabling BTC Lightning Network withdrawals, which will help in such situations.&#8221; The clogging of the Bitcoin network, as well as the withdrawal pause at Binance, may have unsettled the market and caused the price drop. Remarkably, it&#8217;s not just Binance. At press time, 429,000 transactions were waiting in the meme pool to be included in a block. Related Reading: If Over 2,300 Banks In America Are Bankrupt, Will Bitcoin Break Above $40,000? On the other hand, it should be noted that the Bitcoin price has been in a consolidation phase for several weeks now after the furious rally at the beginning of the year. With the recent price drop, BTC is stuck in its trading range, but the overall bullish picture for BTC remains unchanged. Last but not least, the Bitcoin and crypto market is currently struggling with historically low liquidity as a result of Operation Choke Point 2.0, as Bitcoinist reported. Due to this, volatility is expected to be higher as even a few large buy and sell orders can move the market more. Delta-based trader @Skew52 explained that during the price slump, it was noticeable that Coinbase led the market with spot sales to the downside. As BTC stabilized at $28,200 at press time, the trader wrote: $BTC Binance Spot. Update: spot buyers around $28K &amp; likely to sell around $28.5K &#8211; $28.7K Still decent bid depth here. Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":530419,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,6664],"class_list":["post-530409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-crypto"],"acf":[],"yoast_head":"\n<title>Why Is Bitcoin Down Today? Crypto Market Takes Another Hit<\/title>\n<meta name=\"description\" content=\"The Bitcoin price lost 4.2% over the past weekend and slid to $28,000. The broader crypto market is also in the red. 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Through his extensive work with uniquehot.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/uniquehot.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Is Bitcoin Down Today? 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