Crypto execs speculate on what’s to blame as Bitcoin slumped under $94K
Crypto analysts shared a few ideas on what may have caused the crypto markets to bleed this weekend, but assured that it’s a regular part of the crypto cycle.
Crypto executives speculate that outflows from crypto exchange-traded funds, long-term whale sales and escalating geopolitical tensions may be to blame for the recent market slump, as Bitcoin dropped to nearly $93,000 on Sunday.
Bitcoin (BTC) briefly fell to a year-to-date low of $93,029 on Sunday. The overall market capitalization has also seen a pullback in the last seven days, from $3.7 trillion on Nov. 11 to $3.2 trillion on Monday, according to CoinGecko.
Speaking to Cointelegraph, Ryan McMillin, chief investment officer of Australian crypto investment manager Merkle Tree Capital, said it’s not one single shock that’s causing the market slump.
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