The post Why is Bitcoin Going Down? appeared first on Coinpedia Fintech News
Bitcoin is currently testing levels below the crucial $95k mark and is down by more than four percent in the last 24 hours. This comes after a recent announcement from Michael Saylor revealing that MicroStrategy purchased another $5.4 billion worth of Bitcoin. This brings their total holdings to around 386,500 Bitcoins, valued at nearly $22 billion. While the market is optimistic about Bitcoin’s rise, certain rug-pull events are stopping the bullish momentum.
So what’s behind this short-term correction, let’s find out.
In their latest analysis, Altcoin Daily dives into why Bitcoin is seeing a sharp drop despite nearing a significant 100K milestone. The crypto market is facing turmoil, and the reasons boil down to scams, hype-driven trading, and frothy market behavior.
The Chaos in the Market
Altcoin Daily highlights a rise in meme coin scams and rug pulls. From influencers launching pump
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