Since June, Bitcoin has been on a downward trajectory, plunging below the $54,000 mark today. As of the latest update, Bitcoin was valued at $55,504.34, marking a 3.8% decrease in the past 24 hours.
During a recent pullback, the leading cryptocurrency breached a four-month price range, experiencing a significant 14.74% decline over the last three days, with its value dropping to the $53,540 zone today. Over the month, Bitcoin depreciated by 21.7%, bringing an end to its unprecedented winning streak.
Charles Edwards, an analyst at Capriole Investments, highlighted the milestone, noting Bitcoin’s 427-day winning streak without a 25% drawdown had concluded. This marked the first correction in 427 days, surpassing the previous record set in 2012 by 63 days.
In response to Bitcoin’s sharp decline, the cryptocurrency market saw settlements exceeding $665 million in the past day. This trend follows intense selling pressure on Bitcoin, exacerbated by the defunct Mt. Gox exchange making payments to creditors.
Last week, cryptocurrency traders were already cautious amid concerns about a significant liquidation event triggered by Mt. Gox’s distribution of recovered tokens.
Bitcoin’s trading volume in the last 24 hours reached $56.403 billion, a notable 49.10% increase from the previous day, indicating heightened market activity.
Please note that the opinions expressed in this article are solely for informational purposes and do not constitute financial or investment advice. Investing in cryptocurrencies carries inherent risks of financial loss.
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