Here Are the Major Reasons Behind the Ongoing Bitcoin (BTC) Price Dump

August 28, 2024

Is Bitcoin Heading to $38K? Analyst Shares Insights On Why BTC Is at a Crucial Level

The price of Bitcoin has been going down again, and this has also affected the price of many tokens in the crypto market. Bitcoin, which was trading at around $64,000 a few days ago, has now dropped to around $58,000.

Ash Crypto, a crypto expert with more than 1 million followers on X, made a post to address the factors that are making the price of crypto go down again.

What you'll learn 👉

Factors Affecting Bitcoin Price

Let’s look at some of his thoughts in the following paragraphs.

War Situation in Russia

Ash noted that risk-on assets like Bitcoin are usually the first to be sold during wars. `There was a drone attack on Russia, which has increased the likelihood that the Russian-Ukraine war will escalate.

ETF Outflows

Bitcoin ETFs have also been experiencing major outflows, with a $127 million outflow yesterday alone. That was the highest daily outflow since August 6.

Market Manipulation

Popular assets like S&P 500 and NASDAQ pumped, but Bitcoin dumped. The expert calls this a clear sign of market manipulation.

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Some people are apparently trying to suppress the price of BTC. This could be because many institutions want to accumulate a lot of Bitcoin between $50,000 and $65,000.

The accumulation becomes more obvious when one considers BTC supply reaching new lows daily. Following this accumulation, the price of BTC could break out and start a rally. This could happen around the end of September.

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