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Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, has been witnessing a continuous price decline over the past few days. As of now, it is crucial to analyze the reasons behind such a steep drop in value.
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Many experts believe that the recent downturn in the crypto market could be related to the defunct crypto exchange Mt. Gox, which was reported to have distributed $100 million worth of Bitcoin on December 19, 2024. This significant amount of BTC being transferred may have triggered selling pressure, ultimately leading to the current price decline.
Another potential reason behind this price drop is the statement made by Fed Chair Jerome Powell during a recent interview where he stated that “We are not allowed to own Bitcoin and have no desire to change the law.” The crypto market reacted negatively to his comment, resulting in a sharp decline of over 14% within three days.
Source: coinpedia.org
