The beginning of the year was not very happy for Bitcoin. On January 3, the token was able to overcome the $45 thousand mark. But after that the collapse began.
Details
After breaking the 45 thousand mark, the rate rolled back to $44,500. At about 11 o'clock in the afternoon the rate began to move down. Within 30 minutes the price dropped to $40,600. Then a slight increase began. The rate rose by a couple of thousand. Gradually, the coin began to regain lost ground. At the time of writing (9-50 am, 01/08/2024, Kyiv time), the price of Bitcoin was $43,904.47. By the way, pay attention to the fact that the TOP 5 coins show negative indicators on the daily chart. On the weekly chart, only BTC and USDT show growth: +3.39% and +0.04%.
Reasons for the collapse of the BTC rate
Analysts noted several factors. 1) The launch of spot cryptocurrency funds is delayed in the United States; 2) miners organized a sale of BTC tokens; 3) the beginning of payment of compensation to victims of one major hack.
Marcus Thielen, an analyst at Matrixport, believes that the Securities and Exchange Commission of America will not approve applications for Bitcoin ETFs in January.
At the time of the fall, within 24 hours, miners had drained 1,750 BTC. In total, miners sold $47 million worth of coins.
Opinion by Scott Melker. The trader believes that such a jump was the result of exceptionally high funding rates for perpetual futures contracts.
FXempire experts believe that the surges are due to the fact that they began to pay out losses after the Mt hack. Gox. Let me remind you that the attack took place last summer. Accordingly, the rate may fluctuate, including subsidence, due to the fact that the US government is forced to sell a significant amount of BTC.
Bitcoin price forecast for 2024
Standard Chartered experts believe that there is an important factor that will have a positive impact on the Bitcoin rate. In particular, this concerns the liberalization of US policy regarding cryptocurrencies. In the long term, this factor will play a key role. Experts believe that by the end of 24 the price may exceed 100 thousand dollars.
In addition, let me remind you that Bitcoin halving is expected in 2024. There are 106 days left until this event. We look forward to the continuation of the rate of Bitcoin and all other cryptocurrencies!
