News - Why is the Bitcoin price falling?

By Mike Hesp

Why is the Bitcoin price falling?

Bitcoin (BTC)

Bitcoin investors were caught off guard today. The cryptocurrency fell more than $2,000, and with it the entire market.

De Bitcoin price fell sharply overnight. Compared to the previous day, the cryptocurrency slid eight percent to about $26,000.

The slump was particularly severe at midnight yesterday. In just ten minutes, the price fell with $2,000.

The price drop caused liquidations of about a billion US dollars in the crypto market. The total market capitalization fell by seven percent. Price losses across the board resulted.

There is speculation about the reasons. The trigger would apparently be a article in the Wall Street Journal may have been. It states that SpaceX, Elon Musk's space company, sold Bitcoins for about $373 million. Others point to the bankruptcy of New York-based Evergrande Group. Bitcoin fell to its biggest low in two months due to the slump.

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