Bitcoin’s Value Drops 8% in Five Days – Why?

The value of Bitcoin has continually fallen since Wednesday, April 17, declining over 3.84% to 61.309 dollars. 

Bitcoin is the largest cryptocurrency that has gone down over 8.81 percent within five days and overall 10.31 percent in one month. Bitcoin has experienced a significant 8% decline over five days due to 5 different factors. 

The Commerce Department’s Census Bureau reported that there was a 0.7% increase in sales in the previous month. 

Moreover, the data in February was adjusted upward to show a recovery of 0.9% which is the biggest increase in over one year as compared to the previous 0.6%. 

In 24 hours, the global cryptocurrency market experienced a 4.1% decrease which is approximately 2.29 trillion dollars in market capitalization. 

Now the Defi sector has a trading volume of $9.35 billion making up 7.92% of the entire cryptocurrency market trading volume in the last 24 hours. 

While, stablecoin has a combined trading volume of $110.24 which makes 93.37% of the total trading volume in the market of the cryptocurrency. 

Cryptocurrency investors are eagerly waiting for the upcoming Bitcoin halving event that is believed to be held around the 20th of April. 

Generally, this has high prices but recently Bitcoin got the top which makes it doubtful whether a similar outcome will come this time or not. 

Another reason for the decline in cryptocurrency prices is because of better than expected US retail sales numbers for March. This made people think that the US Federal Reserve would not lower the interest rates this year. 

Another reason for the decline was because Iran attacked Israel by using drones and missiles which was a response to Israel attacks on Serians that caused the deaths of the senior Iranian military leaders.

On weekends, people trade digital assets, giving a hint of what the market might be like when traditional markets open on Monday. But things can change a lot before Monday trading starts again.

So there might be reasons that caused the Bitcoins to weigh down.

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