Bitcoin Wipes Out All Gains! BitMEX Co-Founder Warns: Could Drop to $70,000!
TradingKey - Bitcoin's price plummeted, erasing all gains from the previous day, as BitMEX co-founder warns of a potential further drop to $70,000.
On Tuesday, Bitcoin's price crashed, completely wiping out the gains triggered by Trump's announcement of a cryptocurrency strategic reserve. As of press time, Bitcoin has fallen nearly 10%, temporarily trading at $83,692.
Bitcoin Price Chart, Source: TradingView.
In the early hours of March 3, the U.S. President announced on social media the advancement of a cryptocurrency strategic reserve, with BTC, ETH, XRP, ADA, and SOL successfully included, and BTC and ETH as the core reserves. Following this announcement, not only did these five virtual currencies surge, but the entire crypto market also experienced a collective rebound.
Within just one day, Bitcoin completely erased the previous day's gains and may continue to decline. BitMEX co-founder Arthur Hayes stated in a post, "Bitcoin could fall below $80,000 again, potentially even dropping to $70,000."
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