Bitcoin started the day at $27,500 after getting butchered

The main reasons for the recent sales in the crypto money market, which carried the daily decline series to the 3rd day, were the withdrawal problems in the world's largest cryptocurrency exchange Binance, as well as the bankruptcy of another crypto exchange Bittrex. Bittrex, which has faced financial problems and rule violations with the SEC, the United States Securities and Exchange Commission, in the past months, has increased sales in the crypto money markets after Bittrex filed for bankruptcy with liabilities of more than $ 4 billion together with its four subsidiaries. Bitcoin dropped from $28,000 to $27,200. Ethereum is approaching the $1,800 levels. In the morning, Bitcoin finds buyers at $27,500 and Ethereum at $1,840.

Bitcoin starts the day at $27,500

In addition, the printing of more than 12 thousand different tokens on a blockchain standard called BRC-20, which brings NFT feature to the Bitcoin network, has caused delays in transactions on the Bitcoin network and increased transaction fees. Thus, the stress experienced in the network and some panic-induced selling mood were effective on the market.

After the recent pullbacks and developments, the total value of the crypto money market is in the region of $ 1.14 trillion today. At this stage, since the volumes are lower than the recent historical averages, the depreciation of Bitcoin does not cause a relative decrease in the total value of the cryptocurrency market. In other words, money is mostly exchanged between cryptocurrencies. The relatively low amount of money coming out of the market is positive in the short term. While Bitcoin dominance pricing at the high levels of 48% continues to put pressure on altcoins, many new memes and shitcoins that have become popular recently are drawing liquidity from the market. This causes other altcoins to be sold relatively more, thus losing value.