Bitcoin Fell Below $ 60K - What's Happening?
Bitcoin plummeted Wednesday morning, dropping below $ 60K to $ 58K
Oct 27, 2021
1 min read
Anna BakkerNews analyzer

In just over an hour, the first cryptocurrency lost more than $ 2,000.

On some exchanges, BTC fell below $ 56,000.

The fall in bitcoins happened simultaneously with the fall in stock indices, oil, gold and the rise in the dollar.

Bitcoin fell sharply on Wednesday morning amid the massive liquidation of traders' positions, ttrcoin writes.

BTC began to decline from $ 61,000 after 10:00 Moscow time and accelerated to the psychologically significant level of $ 60,000. In a few minutes, the cryptocurrency fell from this level by another 3% to $ 58,000.

The decline was likely due to the liquidation of overheated leveraged futures positions. Funding rates in the futures markets rallied ahead of the plunge, indicating strong demand for long margin positions.

According to Bybt, the liquidation volume in the last hour was $ 550 million. Almost half of that volume was in Ethereum, which dropped below $ 4,000.

A rollback of bitcoins within $ 58,000 is an opportunity to buy in the fall, writes happycoin. Despite the downturn, investors expect bitcoin to move closer to $ 70,000 in the future, while some experts predict a $ 100 flammable sample

On Tuesday, the cryptocurrency market met a third ETF, this time from New York-based investment firm VanEck. In total, 27 more ETFs are ready for launch.

According to Arcane Research, the market does not anticipate an early launch of the spot Bitcoin ETF.

The Federal Deposit Insurance Corporation (FDIC) has announced that the United States is developing rules for storing bitcoins by banks. This is expected to allow the authorities to retain control of the emerging asset class.

The US Treasury Department and other federal agencies are preparing to submit a report by the end of the week that will indicate the leading role of the Securities and Exchange Commission in regulating stablecoins, writes Bloomberg.

“The SEC's power to regulate stablecoins could negatively impact market sentiment. While this is not directly related to Bitcoin, all market participants understand that the intermediate station between BTC and fiat is always a stable cryptocurrency.

Thus, now we can observe a clear attempt to gain control over the main instrument of influence on the crypto market - withdrawal to fiat and vice versa. This news is worth paying attention to in the medium term, since there is a potential for pressure on the entire sector, ”said GravityPlus analysts.

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