{"id":627994,"date":"2024-07-05T08:00:18","date_gmt":"2024-07-05T08:00:18","guid":{"rendered":"https:\/\/www.shenyangcang.com\/?p=627994"},"modified":"2024-07-05T07:37:05","modified_gmt":"2024-07-05T07:37:05","slug":"bitcoin-price-crashes-below-54000-top-5-reasons","status":"publish","type":"post","link":"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/","title":{"rendered":"Bitcoin Price Crashes Below $54,000: Top-5 Reasons"},"content":{"rendered":"

In the last four days, the Bitcoin price has plummeted over 15%, with a significant 7.8% drop occurring in just the past 24 hours. From a high of nearly $72,000 in early June, the price of BTC has now declined by almost 25%. Here are the key factors behind yesterday’s dramatic fall in price.<\/p>\n

#1 Mt. Gox\u2019s Bitcoin Repayments<\/h2>\n

The impending distribution of 142,000 BTC by the defunct crypto exchange Mt. Gox has significantly stirred market anxiety<\/a>. This amount, representing 0.68% of the total Bitcoin supply, is slated for distribution among the creditors of the exchange, which ceased operations in 2014 due to a major hacking event.<\/p>\n

The distribution process has already seen large transfers, with 52,633 BTC moved in recent hours, suggesting that preparations are underway for a large-scale disbursement. Market observers and analysts are closely monitoring these movements, as the potential for massive selling by these creditors could inject considerable volatility into the market.<\/p>\n

The psychological impact of this distribution has presumably led to preemptive selling among Bitcoin holders, further amplifying market jitters.<\/p>\n

\"Mt.
Mt. Gox moves its Bitcoin | Source: Arkham<\/a><\/figcaption><\/figure>\n

#2 German Government<\/h2>\n

The German government’s decision to begin liquidating<\/a> its Bitcoin holdings has sent ripples through the market as well, with transactions recorded on major exchanges such as Bitstamp, Coinbase, and Kraken.<\/p>\n

Related Reading: Bitcoin Price Could Massively Crash Like In May 2021, Warns Fund Manager<\/a><\/div>\n

Over a fortnight, the government reduced its holdings from 50,000 BTC to 42,274 BTC. Market participants are understandably nervous that a continuous sell-off by a major holder like a government could lead to downward price pressure.<\/p>\n

#3 Massive Long Liquidations<\/h3>\n

The Bitcoin market has experienced a sharp increase in the liquidation of long positions, with a record $212 million worth of BTC liquidated just in the past 48 hours. This liquidation is the most significant since April 13, when $261 million worth of BTC longs were liquidated, leading to a steep decline in Bitcoin\u2019s price from $68,500 to $61,600.<\/p>\n

\"BTC
BTC total liquidations | Source: Coinglass<\/a><\/figcaption><\/figure>\n

Such liquidations often trigger a chain reaction, leading to forced sell-offs and further price declines. These liquidations are indicative of a highly leveraged market where investors might be overextended, contributing to heightened market volatility.<\/p>\n

#4 BTC Miner Capitulation<\/h3>\n

Post the Bitcoin halving<\/a> event on April 20, 2024, the mining reward was halved from 6.25 to 3.125 BTC, escalating economic pressures on miners. This reward reduction was anticipated to increase Bitcoin\u2019s price, but the increase did not materialize, leaving miners with diminishing returns.<\/p>\n

Related Reading: Glassnode: Bitcoin $110,000 Target Holds, Breaking These Key Levels Crucial To Avoid Crash<\/a><\/div>\n

The current capitulation among miners is akin to previous market bottoms, such as the one seen following the FTX collapse<\/a>, researchers from CryptoQuant recently revealed. Indicators of miner distress, including a significant 7.7% drop in hashrate and a plummet in mining revenue per hash to near all-time lows, means that many miners were forced to turn off their equipment and sell the BTC stash.<\/p>\n

\"Bitcoin
Bitcoin network hashrate drawdown | Source: X @jjcmoreno<\/a><\/figcaption><\/figure>\n

#5 Slowdown In US Spot Bitcoin ETF Activity<\/h3>\n

Contrary to expectations of a buoyant market driven by institutional investments through spot Bitcoin ETFs, there has been a noticeable slowdown<\/a> in this sector. The anticipated “second wave” of institutional money has failed to materialize thus far, leading to subdued activity in the ETF space. Instead, the spot ETFs are currently experiencing a summer lull.<\/p>\n

The enthusiasm surrounding Bitcoin ETFs has been unable to counteract the overwhelmingly negative market sentiment; however, its direct impact remains relatively minor. Leading on-chain analyst James \u201cCheckmate\u201d Check recently estimated<\/a> that only 20% of the spot volume is attributable to spot ETFs, with the remainder stemming from traditional spot markets. Over recent weeks, long-term BTC holders have been selling off their holdings in significant numbers, which has been the primary driver of the downward pressure on the market.<\/p>\n

At press time, BTC traded at $54,434.<\/p>\n

\"Bitcoin
BTC dropped below $54,000, 1-day chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image created with DALL\u00b7E, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

In the last four days, the Bitcoin price has plummeted over 15%, with a significant 7.8% drop occurring in just the past 24 hours. From a high of nearly $72,000 in early June, the price of BTC has now declined by almost 25%. Here are the key factors behind yesterday’s dramatic fall in price. #1 Mt. Gox\u2019s Bitcoin Repayments The impending distribution of 142,000 BTC by the defunct crypto exchange Mt. Gox has significantly stirred market anxiety. This amount, representing 0.68% of the total Bitcoin supply, is slated for distribution among the creditors of the exchange, which ceased operations in 2014 due to a major hacking event. The distribution process has already seen large transfers, with 52,633 BTC moved in recent hours, suggesting that preparations are underway for a large-scale disbursement. Market observers and analysts are closely monitoring these movements, as the potential for massive selling by these creditors could inject considerable volatility into the market. The psychological impact of this distribution has presumably led to preemptive selling among Bitcoin holders, further amplifying market jitters. #2 German Government The German government’s decision to begin liquidating its Bitcoin holdings has sent ripples through the market as well, with transactions recorded on major exchanges such as Bitstamp, Coinbase, and Kraken. Related Reading: Bitcoin Price Could Massively Crash Like In May 2021, Warns Fund Manager Over a fortnight, the government reduced its holdings from 50,000 BTC to 42,274 BTC. Market participants are understandably nervous that a continuous sell-off by a major holder like a government could lead to downward price pressure. #3 Massive Long Liquidations The Bitcoin market has experienced a sharp increase in the liquidation of long positions, with a record $212 million worth of BTC liquidated just in the past 48 hours. This liquidation is the most significant since April 13, when $261 million worth of BTC longs were liquidated, leading to a steep decline in Bitcoin\u2019s price from $68,500 to $61,600. Such liquidations often trigger a chain reaction, leading to forced sell-offs and further price declines. These liquidations are indicative of a highly leveraged market where investors might be overextended, contributing to heightened market volatility. #4 BTC Miner Capitulation Post the Bitcoin halving event on April 20, 2024, the mining reward was halved from 6.25 to 3.125 BTC, escalating economic pressures on miners. This reward reduction was anticipated to increase Bitcoin\u2019s price, but the increase did not materialize, leaving miners with diminishing returns. Related Reading: Glassnode: Bitcoin $110,000 Target Holds, Breaking These Key Levels Crucial To Avoid Crash The current capitulation among miners is akin to previous market bottoms, such as the one seen following the FTX collapse, researchers from CryptoQuant recently revealed. Indicators of miner distress, including a significant 7.7% drop in hashrate and a plummet in mining revenue per hash to near all-time lows, means that many miners were forced to turn off their equipment and sell the BTC stash. #5 Slowdown In US Spot Bitcoin ETF Activity Contrary to expectations of a buoyant market driven by institutional investments through spot Bitcoin ETFs, there has been a noticeable slowdown in this sector. The anticipated “second wave” of institutional money has failed to materialize thus far, leading to subdued activity in the ETF space. Instead, the spot ETFs are currently experiencing a summer lull. The enthusiasm surrounding Bitcoin ETFs has been unable to counteract the overwhelmingly negative market sentiment; however, its direct impact remains relatively minor. Leading on-chain analyst James \u201cCheckmate\u201d Check recently estimated that only 20% of the spot volume is attributable to spot ETFs, with the remainder stemming from traditional spot markets. Over recent weeks, long-term BTC holders have been selling off their holdings in significant numbers, which has been the primary driver of the downward pressure on the market. At press time, BTC traded at $54,434. Featured image created with DALL\u00b7E, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":627999,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,656,679,1119,1122,1144,91854,91855],"class_list":["post-627994","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusd","tag-why-is-bitcoin-down-today","tag-why-is-bitcoin-price-down-today"],"acf":[],"yoast_head":"\nBitcoin Price Crashes Below $54,000: Top-5 Reasons<\/title>\n<meta name=\"description\" content=\"In the last four days, the Bitcoin price has plummeted over 15%, with a significant 7.8% drop occurring in just the past 24 hours. Here's why!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Price Crashes Below $54,000: Top-5 Reasons\" \/>\n<meta property=\"og:description\" content=\"In the last four days, the Bitcoin price has plummeted over 15%, with a significant 7.8% drop occurring in just the past 24 hours. Here's why!\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-05T08:00:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-05T07:37:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/07\/DALL\u00b7E-2024-07-05-09.35.23-A-modern-and-straightforward-image-depicting-the-concept-of-a-Bitcoin-crash.-The-image-should-feature-a-large-prominently-displayed-Bitcoin-in-the-ce.png?fit=1792%2C1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1792\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Jake Simmons\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/realJakeSimmons\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jake Simmons\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/\"},\"author\":{\"name\":\"Jake Simmons\",\"@id\":\"https:\/\/www.shenyangcang.com\/#\/schema\/person\/d4fcdbfaec61dd668092ba3f4d318028\"},\"headline\":\"Bitcoin Price Crashes Below $54,000: Top-5 Reasons\",\"datePublished\":\"2024-07-05T08:00:18+00:00\",\"dateModified\":\"2024-07-05T07:37:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/\"},\"wordCount\":677,\"publisher\":{\"@id\":\"https:\/\/www.shenyangcang.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/07\/DALL\u00b7E-2024-07-05-09.35.23-A-modern-and-straightforward-image-depicting-the-concept-of-a-Bitcoin-crash.-The-image-should-feature-a-large-prominently-displayed-Bitcoin-in-the-ce.png?fit=1792%2C1024\",\"keywords\":[\"bitcoin\",\"Bitcoin news\",\"bitcoin price\",\"btc\",\"btc price\",\"btcusd\",\"Why Is Bitcoin Down Today\",\"Why Is Bitcoin Price Down Today\"],\"articleSection\":[\"Bitcoin\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.shenyangcang.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/\",\"url\":\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/\",\"name\":\"Bitcoin Price Crashes Below $54,000: Top-5 Reasons\",\"isPartOf\":{\"@id\":\"https:\/\/www.shenyangcang.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/07\/DALL\u00b7E-2024-07-05-09.35.23-A-modern-and-straightforward-image-depicting-the-concept-of-a-Bitcoin-crash.-The-image-should-feature-a-large-prominently-displayed-Bitcoin-in-the-ce.png?fit=1792%2C1024\",\"datePublished\":\"2024-07-05T08:00:18+00:00\",\"dateModified\":\"2024-07-05T07:37:05+00:00\",\"description\":\"In the last four days, the Bitcoin price has plummeted over 15%, with a significant 7.8% drop occurring in just the past 24 hours. Here's why!\",\"breadcrumb\":{\"@id\":\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/#primaryimage\",\"url\":\"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/07\/DALL\u00b7E-2024-07-05-09.35.23-A-modern-and-straightforward-image-depicting-the-concept-of-a-Bitcoin-crash.-The-image-should-feature-a-large-prominently-displayed-Bitcoin-in-the-ce.png?fit=1792%2C1024\",\"contentUrl\":\"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/07\/DALL\u00b7E-2024-07-05-09.35.23-A-modern-and-straightforward-image-depicting-the-concept-of-a-Bitcoin-crash.-The-image-should-feature-a-large-prominently-displayed-Bitcoin-in-the-ce.png?fit=1792%2C1024\",\"width\":1792,\"height\":1024,\"caption\":\"Why is Bitcoin price down today\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.shenyangcang.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Bitcoin Price Crashes Below $54,000: Top-5 Reasons\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.shenyangcang.com\/#website\",\"url\":\"https:\/\/www.shenyangcang.com\/\",\"name\":\"NewsBTC\",\"description\":\"Bitcoin & Cryptocurrency News Today\",\"publisher\":{\"@id\":\"https:\/\/www.shenyangcang.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.shenyangcang.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.shenyangcang.com\/#organization\",\"name\":\"NewsBTC\",\"url\":\"https:\/\/www.shenyangcang.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.shenyangcang.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46\",\"contentUrl\":\"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46\",\"width\":157,\"height\":46,\"caption\":\"NewsBTC\"},\"image\":{\"@id\":\"https:\/\/www.shenyangcang.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/newsbtc\",\"https:\/\/x.com\/newsbtc\",\"https:\/\/www.youtube.com\/channel\/UC9v9erBEru5y4c3FA0wehEw\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.shenyangcang.com\/#\/schema\/person\/d4fcdbfaec61dd668092ba3f4d318028\",\"name\":\"Jake Simmons\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.shenyangcang.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/b1c6e6bccf4fbe757cbc0396eeac0abf?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/b1c6e6bccf4fbe757cbc0396eeac0abf?s=96&d=mm&r=g\",\"caption\":\"Jake Simmons\"},\"description\":\"Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with shenyangcang.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.\",\"sameAs\":[\"https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons\"],\"url\":\"https:\/\/www.shenyangcang.com\/author\/marcusmisiak\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin Price Crashes Below $54,000: Top-5 Reasons","description":"In the last four days, the Bitcoin price has plummeted over 15%, with a significant 7.8% drop occurring in just the past 24 hours. Here's why!","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/","og_locale":"en_US","og_type":"article","og_title":"Bitcoin Price Crashes Below $54,000: Top-5 Reasons","og_description":"In the last four days, the Bitcoin price has plummeted over 15%, with a significant 7.8% drop occurring in just the past 24 hours. Here's why!","og_url":"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/","og_site_name":"NewsBTC","article_publisher":"https:\/\/www.facebook.com\/newsbtc","article_published_time":"2024-07-05T08:00:18+00:00","article_modified_time":"2024-07-05T07:37:05+00:00","og_image":[{"width":1792,"height":1024,"url":"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/07\/DALL\u00b7E-2024-07-05-09.35.23-A-modern-and-straightforward-image-depicting-the-concept-of-a-Bitcoin-crash.-The-image-should-feature-a-large-prominently-displayed-Bitcoin-in-the-ce.png?fit=1792%2C1024","type":"image\/png"}],"author":"Jake Simmons","twitter_card":"summary_large_image","twitter_creator":"@https:\/\/twitter.com\/realJakeSimmons","twitter_site":"@newsbtc","twitter_misc":{"Written by":"Jake Simmons","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/#article","isPartOf":{"@id":"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/"},"author":{"name":"Jake Simmons","@id":"https:\/\/www.shenyangcang.com\/#\/schema\/person\/d4fcdbfaec61dd668092ba3f4d318028"},"headline":"Bitcoin Price Crashes Below $54,000: Top-5 Reasons","datePublished":"2024-07-05T08:00:18+00:00","dateModified":"2024-07-05T07:37:05+00:00","mainEntityOfPage":{"@id":"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/"},"wordCount":677,"publisher":{"@id":"https:\/\/www.shenyangcang.com\/#organization"},"image":{"@id":"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/#primaryimage"},"thumbnailUrl":"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/07\/DALL\u00b7E-2024-07-05-09.35.23-A-modern-and-straightforward-image-depicting-the-concept-of-a-Bitcoin-crash.-The-image-should-feature-a-large-prominently-displayed-Bitcoin-in-the-ce.png?fit=1792%2C1024","keywords":["bitcoin","Bitcoin news","bitcoin price","btc","btc price","btcusd","Why Is Bitcoin Down Today","Why Is Bitcoin Price Down Today"],"articleSection":["Bitcoin"],"inLanguage":"en-US","copyrightYear":"2024","copyrightHolder":{"@id":"https:\/\/www.shenyangcang.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/","url":"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/","name":"Bitcoin Price Crashes Below $54,000: Top-5 Reasons","isPartOf":{"@id":"https:\/\/www.shenyangcang.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/#primaryimage"},"image":{"@id":"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/#primaryimage"},"thumbnailUrl":"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/07\/DALL\u00b7E-2024-07-05-09.35.23-A-modern-and-straightforward-image-depicting-the-concept-of-a-Bitcoin-crash.-The-image-should-feature-a-large-prominently-displayed-Bitcoin-in-the-ce.png?fit=1792%2C1024","datePublished":"2024-07-05T08:00:18+00:00","dateModified":"2024-07-05T07:37:05+00:00","description":"In the last four days, the Bitcoin price has plummeted over 15%, with a significant 7.8% drop occurring in just the past 24 hours. Here's why!","breadcrumb":{"@id":"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/#primaryimage","url":"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/07\/DALL\u00b7E-2024-07-05-09.35.23-A-modern-and-straightforward-image-depicting-the-concept-of-a-Bitcoin-crash.-The-image-should-feature-a-large-prominently-displayed-Bitcoin-in-the-ce.png?fit=1792%2C1024","contentUrl":"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/07\/DALL\u00b7E-2024-07-05-09.35.23-A-modern-and-straightforward-image-depicting-the-concept-of-a-Bitcoin-crash.-The-image-should-feature-a-large-prominently-displayed-Bitcoin-in-the-ce.png?fit=1792%2C1024","width":1792,"height":1024,"caption":"Why is Bitcoin price down today"},{"@type":"BreadcrumbList","@id":"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.shenyangcang.com\/"},{"@type":"ListItem","position":2,"name":"Bitcoin Price Crashes Below $54,000: Top-5 Reasons"}]},{"@type":"WebSite","@id":"https:\/\/www.shenyangcang.com\/#website","url":"https:\/\/www.shenyangcang.com\/","name":"NewsBTC","description":"Bitcoin & Cryptocurrency News Today","publisher":{"@id":"https:\/\/www.shenyangcang.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.shenyangcang.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.shenyangcang.com\/#organization","name":"NewsBTC","url":"https:\/\/www.shenyangcang.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.shenyangcang.com\/#\/schema\/logo\/image\/","url":"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46","contentUrl":"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46","width":157,"height":46,"caption":"NewsBTC"},"image":{"@id":"https:\/\/www.shenyangcang.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/newsbtc","https:\/\/x.com\/newsbtc","https:\/\/www.youtube.com\/channel\/UC9v9erBEru5y4c3FA0wehEw"]},{"@type":"Person","@id":"https:\/\/www.shenyangcang.com\/#\/schema\/person\/d4fcdbfaec61dd668092ba3f4d318028","name":"Jake Simmons","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.shenyangcang.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/b1c6e6bccf4fbe757cbc0396eeac0abf?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/b1c6e6bccf4fbe757cbc0396eeac0abf?s=96&d=mm&r=g","caption":"Jake Simmons"},"description":"Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with shenyangcang.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/www.shenyangcang.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Crashes Below $54,000: Top-5 Reasons","url":"http:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-crashes-below-54000-top-5-reasons\/"},"thumbnailUrl":"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/07\/DALL\u00b7E-2024-07-05-09.35.23-A-modern-and-straightforward-image-depicting-the-concept-of-a-Bitcoin-crash.-The-image-should-feature-a-large-prominently-displayed-Bitcoin-in-the-ce.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/07\/DALL\u00b7E-2024-07-05-09.35.23-A-modern-and-straightforward-image-depicting-the-concept-of-a-Bitcoin-crash.-The-image-should-feature-a-large-prominently-displayed-Bitcoin-in-the-ce.png?fit=1792%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc","btc price","btcusd","why is bitcoin down today","why is bitcoin price down today"],"dateCreated":"2024-07-05T08:00:18Z","datePublished":"2024-07-05T08:00:18Z","dateModified":"2024-07-05T08:00:18Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Crashes Below $54,000: Top-5 Reasons\",\"url\":\"http:\\\/\\\/www.shenyangcang.com\\\/news\\\/bitcoin\\\/bitcoin-price-crashes-below-54000-top-5-reasons\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.shenyangcang.com\\\/news\\\/bitcoin\\\/bitcoin-price-crashes-below-54000-top-5-reasons\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.shenyangcang.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/DALL\\u00b7E-2024-07-05-09.35.23-A-modern-and-straightforward-image-depicting-the-concept-of-a-Bitcoin-crash.-The-image-should-feature-a-large-prominently-displayed-Bitcoin-in-the-ce.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.shenyangcang.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/DALL\\u00b7E-2024-07-05-09.35.23-A-modern-and-straightforward-image-depicting-the-concept-of-a-Bitcoin-crash.-The-image-should-feature-a-large-prominently-displayed-Bitcoin-in-the-ce.png?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.shenyangcang.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc price\",\"btcusd\",\"why is bitcoin down today\",\"why is bitcoin price down today\"],\"dateCreated\":\"2024-07-05T08:00:18Z\",\"datePublished\":\"2024-07-05T08:00:18Z\",\"dateModified\":\"2024-07-05T08:00:18Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/shenyangcang.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/07\/DALL\u00b7E-2024-07-05-09.35.23-A-modern-and-straightforward-image-depicting-the-concept-of-a-Bitcoin-crash.-The-image-should-feature-a-large-prominently-displayed-Bitcoin-in-the-ce.png?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.shenyangcang.com\/wp-json\/wp\/v2\/posts\/627994"}],"collection":[{"href":"https:\/\/www.shenyangcang.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.shenyangcang.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.shenyangcang.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/www.shenyangcang.com\/wp-json\/wp\/v2\/comments?post=627994"}],"version-history":[{"count":0,"href":"https:\/\/www.shenyangcang.com\/wp-json\/wp\/v2\/posts\/627994\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.shenyangcang.com\/wp-json\/wp\/v2\/media\/627999"}],"wp:attachment":[{"href":"https:\/\/www.shenyangcang.com\/wp-json\/wp\/v2\/media?parent=627994"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.shenyangcang.com\/wp-json\/wp\/v2\/categories?post=627994"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.shenyangcang.com\/wp-json\/wp\/v2\/tags?post=627994"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}