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Bitcoin Price Falls Below $93k as El Salvador Purchases 8 BTC
Bitcoin price fell below $95.5k to around $92.7k, dropping over 3% in the last 24 hours. This decline followed a failed breakout above $98k, pushing it towards a potential support level of $92k. The total crypto market cap decreased by over 6%, resulting in forced liquidations exceeding $730 million.
Key Points on Bitcoin's Price Drop
- Bearish sentiment affected Bitcoin and the altcoin market, led by Ethereum and Ripple.
- Net capital inflows to the crypto market fell from $52 billion to approximately $26.5 billion in 10 days.
- US spot BTC ETFs saw cash outflows of about $559 million for two consecutive weeks.
- Recent hacks on major exchanges like Bybit reduced institutional confidence in Web3 security.
El Salvador purchased 8 BTC for about $750k, increasing its holdings to 6,088 BTC, valued at approximately $564 million. President Nayib Bukele remains optimistic about Bitcoin's long-term prospects despite short-term volatility.
Other nations are expected to adopt Bitcoin as a strategic asset amid high debt-to-GDP ratios and insufficient gold performance against inflation.
