Bitcoin Price Drops Below $55,000, Here's Why!

Bittime - Bitcoin prices plunged below $55,000 over the weekend, losing 10% of their value. Liquidations reached $620 million in the last 24 hours, impacted by US election uncertainty, interest rate fluctuations and inflation.

Bitcoin Price Plummets Below $55,000

CoinGecko data shows that Bitcoin prices fell and lost ten percent of their value over the weekend trading to just below $55,000. According to CoinGlass data, long positions accounted for 90% of the wipeouts, and total liquidations over the past 24 hours have risen to $620 million.

Rich Rosenblum, co-founder of trading firm GSR, told Decrypt that investor concerns and market volatility were caused by uncertainty regarding the US election, interest rate fluctuations and possible instability in the Middle East.

Causes of Current Inflation

Inflation is usually caused by increased money printing, which encourages borrowing through various programs, such as open market operations and quantitative easing. This can make Bitcoin prices more attractive to investors.

Also Read: Bitcoin Price Today

Harris Is Now Leading the Campaign

Now Harris appears to be ahead in the polls, with voters nationwide preferring the vice president to Trump by 1%. On the other hand, a recent CBS News Poll reported that Harris has risen in ratings in the states the campaign is focusing on. Especially regarding the price of Bitcoin.

Conclusion

Over the weekend, the price of Bitcoin fell by ten percent. According to data from CoinGlass, long positions accounted for the majority of liquidations, reaching $620 million in the last 24 hours.

Several things caused this decline, such as interest rate fluctuations, instability in the Middle East, and US election uncertainty. Inflation driven by increased money printing and various lending programs also affects the price of Bitcoin, although this can also attract investors towards crypto assets.

Kamala Harris is currently ahead in national polls over Donald Trump in terms of politics, as her ratings improve in states that are central to the campaign, which could influence market sentiment towards Bitcoin. In general, the decline in Bitcoin prices shows the market's reaction to inflation, economic and political uncertainty.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.