The name of the new Fed chairman has been announced and the possibility of a US attack on Iran is increasing day by day. The macro environment is not supportive for further rate cuts, and Trump will likely lose his congressional majorities in the midterm elections. While things were going against cryptocurrencies, Binance FUD also emerged.
Why Are Cryptocurrencies Falling?
We mentioned that after the $98,000 test failed, Bitcoin could now set deeper bottoms to escape the narrow range. In Friday’s evaluation, the new Fed chairman QE We mentioned that the probability of taking a favorable position is low and geopolitical risks are increasing. We also talked about the risk of BTC price testing $76 thousand for the weekend because Binance His FUD was growing at that time.
Now it’s just as expected BTC price It’s crashing. BTC Strategy, which has fallen to its worst levels since October 2023, has also fallen below its cost level. Moreover, it is below the ETF cost of around 82 thousand dollars. If the $81 and $83,000 levels cannot be reclaimed, BTC may move to the 56k region, which many analysts are talking about.
