Since June, Bitcoin has been on a downward trend, dropping below US$54 today. Currently, the price stands at US$55,504.34, showing a 3.8% decrease over the past 24 hours.
In a recent pullback, the leading cryptocurrency has experienced a significant decline, falling by 14.74% in the last three days, hitting the US$53,540 mark today. This monthly downturn of 21.7% marks the end of Bitcoin’s remarkable winning streak.
Capriole Investments analyst Charles Edwards pointed out that Bitcoin’s unprecedented winning streak of 427 days without a 25% drawdown has come to an end. This is the first time in 427 days that Bitcoin has faced a correction.
“Bitcoin’s longest winning streak has come to an end. 427 days without a 25% drawdown, surpassing the 2012 record by 63 days. It has been an incredible run, but a correction was inevitable,” Edwards tweeted.
During this turbulent period for Bitcoin, the cryptocurrency market saw over US$665 million in settlements in the last 24 hours. This surge in settlements coincides with increased selling pressure on Bitcoin, as Mt. Gox, the defunct exchange, makes repayments to its creditors.
Last week, traders were already on edge due to the looming liquidation event as Mt. Gox began distributing recovered tokens. Bitcoin’s trading volume in the last 24 hours has reached $56.403.744.037, marking a 49.10% increase from the previous day and signaling heightened market activity.
Disclaimer: The opinions expressed in this article are for informational purposes only and should not be considered financial or investment advice. Investing in cryptocurrencies carries inherent risks of financial loss.
Editor’s Choice: Bitcoin is expected to make a price recovery in July 2024. Meanwhile, the German government has transferred 832.7 BTC, reducing its Bitcoin holdings.