In the past 24 hours, Bitcoin price has fallen by approximately 9% as more than $ 1,000,000,000 in leveraged long Bitcoin positions have been liquidated on various exchanges.
The retreat over the past 24 hours is a continuation of a move that began on April 14 after Bitcoin hit an all-time high of $ 64,800. From top to bottom, the market has declined as much as -26.97% since its all-time high of April 14, which is a common occurrence in a Bitcoin bull market.
Market commentators have put forward various reasons for the withdrawal, including US President Joe Biden’s proposal to increase the capital gain rate for high-income individuals.
While this heading may have had an impact on the markets and helped fuel this deleveraging event, any attempt to limit market fluctuations and volatility to one particular event or development may ultimately be futile. Bitcoin is a volatile asset, and its volatility is the price you pay for its failed returns.
While the recent drop in prices may startle newcomers, it reiterates the need to continue to focus on Bitcoin’s long-term fundamentals and the dollar cost average. The Bitcoin network remains the strongest and most robust currency network in the world, and in that sense nothing has changed in the last 9 days.
Enjoy selling while it lasts and stack your sats or someone else will.