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Bitcoin Slides to $108K as Whales Dump and Macro Storm Clouds Gather
The cryptocurrency market is in a state of turmoil after the price of Bitcoin (BTC) tumbled to its lowest levels since early July, hovering around $108,000. This drastic plunge has left many wondering what’s driving this downward trajectory.
According to reports, a group of large-scale investors known as “whales” have been actively dumping their holdings on Binance, sending the price plummeting and triggering massive liquidations throughout the cryptocurrency complex. In just 24 hours, nearly $540 million in leveraged bets evaporated, leaving many wondering if this is simply a correction or the start of something much more sinister.
While some market enthusiasts are clinging to the notion that Bitcoin’s RSI divergence still makes for an attractive investment opportunity, the technical picture is looking increasingly bearish. Bond markets have begun flashing caution signals as well, with the U.S. 2-year Treasury yield plummeting to its lowest level in four months, indicating widespread risk aversion.
Furthermore, macroeconomic factors are also contributing to this downturn. China’s five largest lenders reported record-low margins and a sharp rise in bad debt, resulting in an unprecedented $5.2 billion loss for the first quarter alone – an 8x increase from last year. This staggering statistic raises questions about the global economic recovery.
Meanwhile, Nvidia’s shocking revelation that 44% of its data center revenue stems from just two clients has sent shockwaves throughout the industry and led to a 5% drop in shares over the course of two days. Additionally, Super Micro Computer (SMCI) warned of “weaknesses” within their financial reporting, causing their stock to plummet by an additional 5.1%.
Source: bravenewcoin.com
