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Why did Bitcoin drop? Analysts point to 5 potential reasons

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Elon Musk’s SpaceX reportedly selling its Bitcoin (BTC) holdings, the bankruptcy of a Chinese property giant, and fears of interest rate hikes have been among the theories raised as to Bitcoin’s freak price dip.

On Aug. 18 around 9:35 pm UTC, the price of Bitcoin suddenly plummeted over 8% in a span of 10 minutes, taking with it the wider cryptocurrency market, leaving many in the crypto community scratching their heads.

SpaceX offloads Bitcoin, interest rate fears

Government bond yields

Chinese Yuan still a risk to Bitcoin

Whale’s selling big

More than $427 million worth of Bitcoin long positions have been liquidated in the last 24 hours. Source: Coinglass

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