{"id":136933,"date":"2024-09-07T19:00:56","date_gmt":"2024-09-07T16:00:56","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=136933"},"modified":"2024-09-07T16:51:43","modified_gmt":"2024-09-07T13:51:43","slug":"here-are-the-factors-that-may-have-contributed-to-the-bitcoin-price-drop","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/here-are-the-factors-that-may-have-contributed-to-the-bitcoin-price-drop\/","title":{"rendered":"Here Are the Factors That May Have Contributed to the Bitcoin Price Drop"},"content":{"rendered":"<p>This sharp drop has crypto enthusiasts questioning the factors behind it, and what it means for <a href=\"https:\/\/cryptodnes.bg\/en\/cryptocurrency\/bitcoin\/\"><strong>Bitcoin\u2019<\/strong>s<\/a> future trajectory.<\/p>\n<p>For a key factor in Bitcoin\u2019s recent decline is the release of US labor market <strong><a href=\"https:\/\/cryptodnes.bg\/en\/us-jobs-report-misses-mark-august-figures-fuel-fed-rate-cut-speculation\/\">data<\/a><\/strong>.<\/p>\n<p>Weak jobs data often signals an economic slowdown, making investors more cautious. This has led to increased volatility in Bitcoin, which, like other risk assets, has seen its price decline.<\/p>\n<style>\n    .dark-mode .read-more {background-color: #343a40 !important;}\n<\/style>\n<div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1 d-none d-md-block\">READ MORE:<\/h5>\n    <a class=\"article row\" href=\"https:\/\/cryptodnes.bg\/en\/heres-how-much-bitcoin-btc-was-mined-in-russia-in-2023\/\" title=\"Here&#8217;s How Much Bitcoin (BTC) Was Mined in Russia in 2023\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img decoding=\"async\" class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2022\/07\/crypto-mining-gpus-rigs-240x170.jpg\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">Here&#8217;s How Much Bitcoin (BTC) Was Mined in Russia in 2023<\/h4>           \n            \n        <\/div>        \n    <\/a>\n<\/div>\n<p>Another major contributor to Bitcoin\u2019s price decline has been the significant outflow of funds from spot Bitcoin exchange traded funds (ETFs). Data from Farside shows that over $227.9 million was withdrawn from 10 Bitcoin funds on September 6, with Fidelity\u2019s FBTC fund accounting for the largest share of these outflows.<\/p>\n<p>It should also not be forgotten that Bitcoin miners have been accumulating BTC since mid-August. However, with the price now below $60,000, there are growing concerns that miners may have to sell their holdings to cover their costs.<\/p>\n<p>Glassnode data suggests that if bearish market sentiment continues, selling pressure from miners could increase, adding further downward pressure.<\/p>\n<p>Additionally, there are growing concerns about a potential recession in the US, which many observers believe has also contributed to BTC\u2019s decline.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The price of Bitcoin (BTC) saw a significant drop, falling over 9% and dropping below $53,000 for the first time in over a month late Friday evening.<\/p>\n","protected":false},"author":3,"featured_media":25930,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[27],"tags":[],"class_list":["post-136933","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Here Are the Factors That May Have Contributed to the Bitcoin Price Drop<\/title>\n<meta name=\"description\" content=\"The price of Bitcoin (BTC) saw a significant drop, falling over 9% and dropping below $53,000 for the first time in over a month late ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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