The Bitcoin price signed a $ 10,000 candle on the first day of the week. Bitcoin, which was traded above $ 56,000 before noon, dropped to $ 46,000 in the afternoon. Bitcoin is trading at $ 46,811 around noon on Tuesday.
Criticized by US Treasury Secretary Janet Yellen for being “speculative,” Bitcoin played $ 10,000 a day. On the same day, Bitcoin formed its largest candle seen in an hour.
This swing in Bitcoin; It is attributed to statements and technical indicators by Janet Yellen, Elon Musk, Bill Gates.
What happened before the price dropped?
- US Treasury Secretary Janet Yellen stated on Monday that Bitcoin is a “very speculative” asset and trading with BTC is “inefficient” due to the electricity consumed.
- Tesla CEO Elon Musk said in a statement dated Feb. 20 that the prices of Bitcoin and Ether “seem high.”
- Microsoft founder Bill Gates announced that he is not personally investing in Bitcoin and is neutral to it. “I’m not bullish about Bitcoin,” Bill Gates said on Feb. 23. said.
- Whales took action: Cryptocurrency holders sent a total of more than 50,000 bitcoins to exchanges on Sunday. It is believed that these bitcoins, which are thought to enter the stock market for sale, increase the selling pressure in the market.
- The indicator supporting Elon Musk: According to some analysts, Musk’s comment for the Bitcoin price was correct. Matt Maley, the chief strategist of Miller Tabak, announced in his analysis over the weekend that Bitcoin has entered the “overbought zone”.
What happened in the global markets?
While Bitcoin lost $ 10,000 in value in one day, declines were seen in the altcoin market. Ether and Binance Coin prices fell more than 12 percent. According to CoinGecko data, the total value of the crypto money market fell to 1.5 trillion dollars after a 10 percent decline. The market value of bitcoin has also fallen below $ 1 trillion.
- Tech stocks hit: Not only cryptocurrency prices fell on Monday, but stock of major tech companies also fell. Tesla stock has fallen to $ 714, losing more value than ever since September 2020. There was a 3 percent drop in Apple stock.
- Bond yield rose: As these instruments lost value, the yield on US government bonds rose. The yield rate rose from 1.338 percent to 1.367 percent for ten-year treasury bonds.
Commenting on the cryptocurrency market, Neil Wilson, principal analyst at Markets.com, said, “New Bitcoin investors should know that the price, which can suddenly rise, may drop suddenly and be prepared for massive volatility.” said.