FXstreet

Bitcoin fell below $5,400. What caused this sharp drop?



This downward movement took place as the broader cryptocurrency market also suffered notable losses, declining from a total value of $210 billion earlier in the day to almost $180 billion by roughly 15:30 UTC (approximately 10:30 a.m. ET), according to CoinMarketCap.

When explaining what caused the sharp decline in bitcoin prices, analysts generally pointed to either technical analysis or the uncertainty surrounding the upcoming hard fork in bitcoin cash.

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