Bitcoin is down nearly 10% on the day, causing most of the market to crash, as explained by widely followed crypto analyst Michaël van de Poppe.
“After the US opened, we went up, and then we started falling again when the US stocks started going down as well.
So that dropped and we didn’t really get $43,500 back, and that number dropped below $42,400. I said, most likely, we’ll bomb because we’re back in range [beneath $42,400], and then it begins to rush to the other side and most likely accelerates even more due to the impact of such a drop.
That’s really what was and is going on. ”
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