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Bitcoin drops to lowest point in a week due to concerns about big investors and the Nvidia company.

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  • Bitcoin was about to move outside of its usual trading range at the beginning of the Wall Street day on February 21, because it was facing strong resistance.
  • Right now, Bitcoin is worth $51,294. The total value of all cryptocurrencies is $2. 04 trillion, and Bitcoin’s value is $1 trillion.
  • The FOMC meeting notes are supposed to come out today, but Fed officials are now thinking more carefully about lowering interest rates. They are likely to wait until the second half of the year to make the first cut.
  • In the crypto market, people lost a lot of money. Around $218 million was lost in long trades, and more than $300 million in total.

Bitcoin’s price went down a lot, reaching the lowest point in a week, as traders think about how big Bitcoin holders and the technology company Nvidia are affecting it. This event has gotten a lot of interest from the crypto community and financial markets because it could have a big impact on how the market works and how investors feel about it.

Bitcoin prices have dropped a lot as markets are changing

Currently, the value of Bitcoin (BTC) is $51,294. 27 It has increased by 0. 2% from an hour ago, but decreased by 0. 6% from yesterday Today, the price of BTC is 0. 6% less than it was a week ago.

Today, the total value of all cryptocurrency is $2. 04 It has decreased by 0. 79% in the last 24 hours and is 76. 34% lower than it was a year ago. Today, Bitcoin’s market value is $1 trillion, showing that it makes up 49. 18% of the total market. At the same time, stablecoins make up $140 billion of the total $2. 04 trillion crypto market.

Bitcoin reached a very high price of over $53,000, but then many people started to sell it. Even things that usually make people want to buy Bitcoin, like the possibility of exchange-traded funds, didn’t change people’s feelings about it.

Popular trader Crypto Chase said that Bitcoin has the ability to close the fair value gap on a daily basis, as shown by Fibonacci retracement levels.

QCP Capital, a trading company, said that Bitcoin’s price dropped because the cost of borrowing money to trade Bitcoin was too high. “It’s hard to keep getting money at these levels, so the price might go down after going up a lot,” said the latest market update released to Telegram channel users.

QCP found a possible reason for stocks to go up and down soon. It’s because a big tech company called Nvidia is about to announce how much money they made. The end “NVDA’s stock is currently trading at 90 times its earnings, and the company’s earnings for the fourth quarter are expected to be higher. ”

Cryptocurrency prices drop down

The value of cryptocurrencies dropped fast on Wednesday, making investors worried. The overall value of the cryptocurrency market dropped by 2. 50%94 trillion due to a large number of cryptocurrencies being sold. The prices of Bitcoin and Ethereum dropped below $51,000 and $2,900 because investors sold some of their holdings before the liquidity flush.

In one day, the value of the crypto market went down by $300 million, and in just a few hours, it went down by $60 million. Coinglass data today shows that people lost more than $217 million on long positions. More than 103,000 traders lost all their money in the last day. The biggest loss happened on Binance with a trade worth $9. 70 This caused the price of BTC to drop a lot, and the market to suffer.

The amount of money people are willing to bet on Bitcoin’s future price has gone down by 3% on CME and 4% on Binance in the last day. This is because not as much money is coming into Bitcoin investments and people are getting signals to sell. Based on the information, the amount of money people have invested in Bitcoin contracts on CME dropped down to $6. 62 billion, after going down by 1% in the past four hours.

The amount of money invested in Ethereum futures has gone down in the last day, and especially in the last few hours. Interest in trading contracts for the future price of ETH decreased by 1% on Binance and 4% on Bybit.

The FOMC Minutes come out today. Fed officials are being more careful about lowering interest rates, and they think the first cut will happen in the second half of the year. Traders also paid attention to the Fed’s favorite measure of inflation, PCE, and information on unemployment claims.

At the same time, the US Dollar Index (DXY) kept going up and went over 104 today. It has stayed high for the past few weeks. Furthermore, in the United States. Interest rates on government bonds went up because investors are expecting new information about the economy, which might give them more understanding. The interest rate for the US government’s 10-year loan is 4. 257% It recently went up again after coming down.

Warning: This information is not advice on trading.

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