Home Cryptocurrency Bitcoin Drop Below $62,000 Is Biggest Single-Day Loss Since FTX Collapse

Bitcoin Drop Below $62,000 Is Biggest Single-Day Loss Since FTX Collapse

by SuperiorInvest

Bitcoin's (BTC) price correction accelerated on Tuesday as US-listed spot exchange-traded funds (ETFs) fell out of favor.. The leading cryptocurrency by market value fell more than 8% to below $62,000, data from charting platform TradingView shows. This is the largest single-day percentage drop (UTC) since November 9, 2022. That day, prices plunged more than 14% when Sam Bankman Fried's FTX, previously the third-largest cryptocurrency exchange, went bankrupt. Bitcoin's latest price decline has been catalyzed by several factors, including outflows of funds from spot ETFs, according to trader and economist Alex Kruger. Provisional data released by investment firm Farside shows there was a net outflow of $326 million from spot ETFs on Tuesday, the largest ever. On Monday, the Grayscale ETF witnessed a record outflow of $643 million. “Reasons for the collapse, in order of importance: #1 Too much leverage (financing matters). #2 ETH driving the market south (the market decided the ETF was not passing). #3 Negative BTC ETF inflows (careful, data is T+1). #4 Solana shit mania (went too far),” Kruger said in X.

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