From the peak of $70,580 reached last night, Bitcoin has fallen 4.44% to a bottom of $67,450. It sometimes remains mysterious how Bitcoin can record huge profits, but also losses, in a short time. Yesterday Bitcoin seemed to regain its positive momentum, but this morning everything is different again.
Why did the Bitcoin price fall?
There appears to be no fundamental reason for Bitcoin’s price decline. To check this, you can, for example, look at the gold price. If he made a similar slide, then the entire market could be experiencing some problems at the moment.
However, that doesn’t seem to be the case. Another possibility is that the Mt. Gox coins seem to be heading towards new addresses. Mt. Gox was the exchange platform that imploded in 2014. Many users of that platform will soon get their Bitcoin back, which they can theoretically put up for sale.
It is striking that yesterday was also a long holiday weekend in the United States. The stock exchanges were not open there. There was also no important macroeconomic data from America.
It will return on Friday in the form of the PCE Price Index, the US central bank’s favorite inflation gauge. If it turns out to be lower than expected, this could give Bitcoin another boost.
Lower inflation is now necessary for new interest rate cuts from the US central bank.
Spot Bitcoin ETFs own 1 million BTC
We come across another special fact with the Spot Bitcoin ETFs around the world. Together they own more than 1 million Bitcoin and therefore 1/21st of the total Bitcoin supply.
Michael Saylor talks about “1 Nakamoto” of Bitcoin. Satoshi Nakamoto is rumored to own 1 million Bitcoin from the early days. Saylor can refer to that by giving it this name.
However, it could also be that he wants to create the opposite of a Satoshi. A Satoshi is the smallest unit of account for Bitcoin. One Bitcoin contains 100 million Satoshi.
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Source: https://newsbit.nl/bitcoin-koers-ruim-4-omlaag-wat-is-er-aan-de-hand/
