6 Reasons Bitcoin Crashed by $7K in 3 Days: Bull Market Over or Regular Correction?

From major ETF outflows to another Fed rate-hike warning. Here's what pushed BTC south, and whether it was an anticipated event or there's more pain on the horizon. It was just several days ago, on Monday morning, when bitcoin last challenged the $87,000 resistance, with analysts outlining the next major targets of up to $92,000 if it fell. The reality was entirely different. BTC was rejected and plummeted by almost $7,000 in the following few days to bottom out (for now) at $80,400 on Thursday evening. Here’s why. US Govt FUD It all began on Wednesday morning with a sudden price drop of $2,000 within 20 minutes, and the most likely reason for this came from the US government. Popular on-chain resources reported that the authorities have started to move sizeable portions of their crypto holdings, including 834 BTC, to Coinbase Prime. The transfers continued the following day or so. Ultimately, Lookonchain said that the government had deposited roughly $1.5 billion worth of bitcoin and $62 million in WBTC into Coinbase Prime over a 72-hour period. As the analysts said as well, BTC’s price dived by nearly 7% within this time. The U.S. government deposited 17,733 $BTC ($1.48B) and 750...