Here’s Why The Bitcoin Price Has Continued To Decline This Week
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Compiled by KHAO Editorial
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The Bitcoin price has been in a massive downward trend throughout this week.
Key facts
Data from CoinMarketCap shows that BTC has declined by over 6% in the last seven days and nearly 10% in two weeks
About $733.43 million was withdrawn in one day, with BlackRock’s IBIT leading the move with the highest outflows
The cryptocurrency had surged as high as $83,000 earlier this May, but was firmly rejected
Since May 15, Bitcoin ETFs have recorded only outflows, as institutions continue to exit the market to protect their assets from further losses
Summary
The market is seeing heavy volatility, as new factors place immense pressure on the Bitcoin price and the broader crypto market. The cryptocurrency had surged as high as $83,000 earlier this May, but was firmly rejected. Several factors have been linked to this severe price drop, including the decline in the demand for spot Bitcoin ETFs. Since May 15, Bitcoin ETFs have recorded only outflows, as institutions continue to exit the market to protect their assets from further losses.