The post Bitcoin Price At Risk of Dropping To $55k: Here’s Why appeared first on Coinpedia Fintech News
The global cryptocurrency market cap dropped 5 percent in the past 24 hours to about $2.42 trillion on Tuesday. Bitcoin (BTC) and Ethereum led the wider cryptocurrency correction, dropping about 5 percent to trade around $63,277 and $3,089, respectively. Following the heightened crypto volatility, around $300 million was liquidated in the past 24 hours, mostly involving long traders.
Top Reasons Crypto and Bitcoin Prices Dropped
Bitcoin led the cryptocurrency market on a bullish outlook on Monday following a choppy weekend after Hong Kong approved the trading of spot BTC and Ether ETFs. However, senior ETF analyst for Bloomberg, Eric Balchunas, pointed out that the Hong Kong market is tiny and indicated they will be lucky to accrue $500 million in cash inflows. Furthermore, Chinese investors are not yet legally allowed to invest directly in Hong Kong ETFs.
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