Bitcoin Price Crashes To $49,000: Key Reasons Explained
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The crypto market saw a severe downturn with Bitcoin crashing to $49,000 and Ethereum plunging to $2,100 due to intensified US recession fears after weak job data.
The Bank of Japan's rate hike led to a yen carry trade unwind, impacting the forex and crypto markets as traders liquidated assets.
Large sell orders on major exchanges like Kraken and Gemini by firms such as Jump Trading further pushed Bitcoin prices down. Liquidation cascades also exacerbated the price crash with significant crypto liquidations reported.
Additional factors include the fading political momentum of Donald Trump and the ongoing impact of Mt. Gox Bitcoin distributions.
Source: www.newsbtc.com ↗
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