Why are Bitcoin and Solana collapsing and what will be the “floor”?

important point:

  • Over the past 24 hours, Bitcoin and Solana have declined sharply and investors are wondering where the assets are headed.
  • Bitcoin is now under pressure from a major token liquidation by Grayscale, which has sold approximately $2.3 billion worth of BTC.
  • On the other hand, Solana has fallen to the key level of $80. Experts have highlighted that if it breaks this barrier it could drop to USD 60.

The crypto market continues to decline with major currencies recording strong weekly and daily losses. BitcoinFor example, a decline of more than 5% in the last 24 hours sundial 10% is lost.

Bitcoin and Solana are in danger

At this time, BTC remains below 40,000 USD And it is failing to recover despite large amounts of money flowing into spot Bitcoin ETFs.

However, there is a major reason to understand BTC’s decline. the thing is that scaleOne of the managers who launched his own Bitcoin fund $2.3 billion was liquidated To manage GBTC share redemptions, in the leading cryptocurrency.

Analysts believe this could result in a decline in the price of Bitcoin Continue to fall to USD 35,000 And then rebound upward.

sundialWhich was one of the highest-growth altcoins last year, The bullish rally reached its end, SOL reached $123 and is now trading at the key support level of $80.

In the last 24 hours, it has experienced a significant loss of more than 10%. Experts believe that if it breaks below $80, SOL may fall to $60.

Even crypto analyst and investor Scott Melker said the decline could extend to $50.

(TagstoTranslate)Bitcoin(T)BTC(T)Cryptocurrency(T)Solana

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