{"id":547886,"date":"2023-08-18T12:15:38","date_gmt":"2023-08-18T12:15:38","guid":{"rendered":"https:\/\/uniquehot.com\/?p=547886"},"modified":"2024-06-11T10:41:05","modified_gmt":"2024-06-11T10:41:05","slug":"the-latest-bitcoin-wipeout","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/the-latest-bitcoin-wipeout\/","title":{"rendered":"Here Are The Factors That Could Be Behind The Latest Bitcoin Wipeout"},"content":{"rendered":"

Bitcoin, the largest cryptocurrency in the world, has <\/span>plummeted substantially<\/span><\/a> in the past 24 hours, leading to a ripple effect among other cryptocurrencies. On August 18, the price of BTC suddenly dumped 8% in a matter of minutes, as tension from investors increased selling pressure.<\/span><\/p>\n

Bitcoin has endured many crashes of this magnitude in the past, and market corrections of this magnitude don’t come out of nowhere. So the recent plunge in BTC’s value could be due to several factors in the crypto industry and the global economy. Here are some theories about the factors that may have exacerbated the recent crash.<\/span><\/p>\n

SpaceX Reportedly Sells Off Its Bitcoin Holdings<\/h2>\n

SpaceX, Elon Musk\u2019s aerospace company, had <\/span>reportedly sold off<\/span><\/a> nearly all of its Bitcoin holdings. SpaceX, in addition to Tesla, was one of a few companies that bought Bitcoin during the bull run in 2021. According to reports, SpaceX held $373 million worth of Bitcoin on its balance sheet in 2021 and 2022 but has now sold the cryptocurrency.<\/span><\/p>\n

Although it’s unclear when and how SpaceX sold its Bitcoin holdings, the news seems to have triggered selling pressure from investors.\u00a0<\/span><\/p>\n

\n

it\u2019s funny how them selling last year or whatever causes a crash now<\/p>\n

\u2014 Shibetoshi Nakamoto (@BillyM2k) August 17, 2023<\/a><\/p><\/blockquote>\n

Fears Of Interest Rate Hikes By The Fed<\/h2>\n

The US is one of the biggest markets for Bitcoin and recent revelations from the minutes of the Federal Reserve’s July meeting hint at the possibility of another increase in interest rates. The Fed controls interest rates in the US, and when they hike rates, it can have a significant impact on risky assets like BTC.\u00a0<\/span><\/p>\n

Higher interest rates lead to increased borrowing costs and higher returns on safe investments like bonds, which may discourage trading in risky leveraged positions within the crypto space.<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price suffers massive crash | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Futures Liquidations And Crypto Whales Selling Big<\/h3>\n
Data from CoinGlass shows that the futures market has seen a flurry of liquidations in the past 24 hours. The market witnessed the largest futures liquidation this year, as BTC witnessed liquidations of $498.88 million.\u00a0<\/span><\/p>\n
Related Reading: Dormant Bitcoin Wallet With 1,005 BTC Awakens, Sell Pressure Incoming?<\/a><\/div>\n
The data suggests most of the liquidated positions were longs, meaning traders were betting on Bitcoin\u2019s price to rise. In the past 24 hours, the total liquidations come in at $1.04 billion, with $308.89 million and $27.56 million also coming from ETH and XRP liquidations.\u00a0<\/span><\/p>\n
The Coinbase <\/span>premium is up<\/span><\/a> by +3%, implying some whales are dumping BTC on Binance. And when crypto whales sell large amounts of BTC, it can flood the market and further drive the price down.\u00a0<\/span><\/p>\n
Bankrupt Chinese Property Giant<\/h3>\n
China Evergrande, China’s second-largest property developer, recently filed for US bankruptcy. This seems to have had some sort of domino effect on the price of Bitcoin, as the bankruptcy news came at the cusp of the recent decline.\u00a0<\/span><\/p>\n
\n
Do you think this is in fear of evergrande and a domino effect or what could we be missing?<\/p>\n
\u2014 besadam.lens (@besada_m) August 17, 2023<\/a><\/p><\/blockquote>\n
Does This Imply A New Wave Of Extended Bearish Sentiment For Bitcoin?<\/h3>\n
When Bitcoin crashes, it often brings the rest of the crypto market down with it. As such, the recent Bitcoin wipeout has led to a decrease in the price of other cryptocurrencies as well. Data from Coinmarketcap shows that Bitcoin is currently down by 7.06% in the past 24 hours. Major altcoin ETH, BNB, and XRP are also down by 5.77%, 5.19%, and 13.20%, respectively.\u00a0<\/span><\/p>\n
Related Reading: Crypto Payments Gain Ground In Canada As Confidence Grows<\/a><\/div>\n
Bitcoin has had a volatile few months and has been struggling to cross over $30,000 this year. Notwithstanding, its price could quickly rebound again, particularly if the SEC grants approval to the most recent applications for Spot Bitcoin ETFs.<\/span><\/p>\n
Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin, the largest cryptocurrency in the world, has plummeted substantially in the past 24 hours, leading to a ripple effect among other cryptocurrencies. On August 18, the price of BTC suddenly dumped 8% in a matter of minutes, as tension from investors increased selling pressure. Bitcoin has endured many crashes of this magnitude in the past, and market corrections of this magnitude don’t come out of nowhere. So the recent plunge in BTC’s value could be due to several factors in the crypto industry and the global economy. Here are some theories about the factors that may have exacerbated the recent crash. SpaceX Reportedly Sells Off Its Bitcoin Holdings SpaceX, Elon Musk\u2019s aerospace company, had reportedly sold off nearly all of its Bitcoin holdings. SpaceX, in addition to Tesla, was one of a few companies that bought Bitcoin during the bull run in 2021. According to reports, SpaceX held $373 million worth of Bitcoin on its balance sheet in 2021 and 2022 but has now sold the cryptocurrency. Although it’s unclear when and how SpaceX sold its Bitcoin holdings, the news seems to have triggered selling pressure from investors.\u00a0 it\u2019s funny how them selling last year or whatever causes a crash now \u2014 Shibetoshi Nakamoto (@BillyM2k) August 17, 2023 Fears Of Interest Rate Hikes By The Fed The US is one of the biggest markets for Bitcoin and recent revelations from the minutes of the Federal Reserve’s July meeting hint at the possibility of another increase in interest rates. The Fed controls interest rates in the US, and when they hike rates, it can have a significant impact on risky assets like BTC.\u00a0 Higher interest rates lead to increased borrowing costs and higher returns on safe investments like bonds, which may discourage trading in risky leveraged positions within the crypto space. BTC price suffers massive crash | Source: BTCUSD on TradingView.com Futures Liquidations And Crypto Whales Selling Big Data from CoinGlass shows that the futures market has seen a flurry of liquidations in the past 24 hours. The market witnessed the largest futures liquidation this year, as BTC witnessed liquidations of $498.88 million.\u00a0 Related Reading: Dormant Bitcoin Wallet With 1,005 BTC Awakens, Sell Pressure Incoming? The data suggests most of the liquidated positions were longs, meaning traders were betting on Bitcoin\u2019s price to rise. In the past 24 hours, the total liquidations come in at $1.04 billion, with $308.89 million and $27.56 million also coming from ETH and XRP liquidations.\u00a0 The Coinbase premium is up by +3%, implying some whales are dumping BTC on Binance. And when crypto whales sell large amounts of BTC, it can flood the market and further drive the price down.\u00a0 Bankrupt Chinese Property Giant China Evergrande, China’s second-largest property developer, recently filed for US bankruptcy. This seems to have had some sort of domino effect on the price of Bitcoin, as the bankruptcy news came at the cusp of the recent decline.\u00a0 Do you think this is in fear of evergrande and a domino effect or what could we be missing? \u2014 besadam.lens (@besada_m) August 17, 2023 Does This Imply A New Wave Of Extended Bearish Sentiment For Bitcoin? When Bitcoin crashes, it often brings the rest of the crypto market down with it. As such, the recent Bitcoin wipeout has led to a decrease in the price of other cryptocurrencies as well. Data from Coinmarketcap shows that Bitcoin is currently down by 7.06% in the past 24 hours. Major altcoin ETH, BNB, and XRP are also down by 5.77%, 5.19%, and 13.20%, respectively.\u00a0 Related Reading: Crypto Payments Gain Ground In Canada As Confidence Grows Bitcoin has had a volatile few months and has been struggling to cross over $30,000 this year. Notwithstanding, its price could quickly rebound again, particularly if the SEC grants approval to the most recent applications for Spot Bitcoin ETFs. Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":594,"featured_media":547901,"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":[428,656,679,1119,1144,78790],"class_list":["post-547886","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nHere Are The Factors That Could Be Behind The Latest Bitcoin Wipeout<\/title>\n<meta name=\"description\" content=\"Bitcoin, the largest cryptocurrency in the world, has plummeted substantially in the past 24 hours, leading to a ripple effect.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Here Are The Factors That Could Be Behind The Latest Bitcoin Wipeout","url":"http:\/\/uniquehot.com\/news\/the-latest-bitcoin-wipeout\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/the-latest-bitcoin-wipeout\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/iStock-879153690-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/iStock-879153690-1.jpg?fit=1254%2C836"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc","btcusd","btcusdt"],"dateCreated":"2023-08-18T12:15:38Z","datePublished":"2023-08-18T12:15:38Z","dateModified":"2024-06-11T10:41:05Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Here Are The Factors That Could Be Behind The Latest Bitcoin Wipeout\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/the-latest-bitcoin-wipeout\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/the-latest-bitcoin-wipeout\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-879153690-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-879153690-1.jpg?fit=1254%2C836\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2023-08-18T12:15:38Z\",\"datePublished\":\"2023-08-18T12:15:38Z\",\"dateModified\":\"2024-06-11T10:41:05Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/iStock-879153690-1.jpg?fit=1254%2C836","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/547886"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=547886"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/547886\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/547901"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=547886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=547886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=547886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}