bitcoinOn Friday (19th), a flash crash of more than 8% broke the $22,000 mark, and analysts were divided on the reasons for the sell-off.
Before the deadline,bitcoinTrading below $21,100, it is down more than 8% in the past 24 hours.worth $31.75 billionbitcoinAfter changing hands, the total market value fell to $415.62 billion, down more than 13% this week.
Investors in the cryptocurrency world have become increasingly nervous following the recent bankruptcy of crypto companies such as Celsius, Three Arrows Capital and Voyager Digital and the collapse of so-called stablecoins, with the Federal Reserve raising interest rates and high inflation prompting investors to abandon riskier assets.
According to market experts,bitcoinFriday’s flash crash appeared to be tied to the dismal German inflation data.bitcoinWhen prices plunged, Germany reported its July producer price index (PPI) rose 37.2% y/y, well above market expectations of 32%, while CME’s FedWatch data showed traders forecast a 3-yard rate hike by the Federal Reserve in September The likelihood increased to 44.5% from 41% a day earlier.
GlobalBlock analyst Marcus Sotiriou judged that there seems to be no single catalyst leading tobitcoinmassive sell-off, butbitcoinThe value of is almost linked to U.S. stocks,bitcoinUS stocks fell on Friday.
Analysts said that from a technical analysis point of view, the strength of the bulls is clearly weakening.bitcoinA break below the 100-day moving average was sold.
Looking ahead, former Deutsche Bank trader Marcel Pechman judged that the disappearance of BTC futures premiums, leveraged buyers liquidation of more than $470 million, and excessive stablecoin lending may makebitcoinThe trend fell into further turmoil.
