Three Main Reasons Behind Bitcoin’s Fall to $ 10,500

Bitcoin fell more than four percent on Monday to $ 10,500 on the Bitstamp stock market, again pulling the question arrows on it. At the time of writing, the asset, which is traded at $ 10,370, makes investors think where to go.

The market cap of the trend-setting cryptocurrency has cut $ 7 billion in the past 24 hours.

However, Bitcoin’s dominance in the entire crypto market climbed to 58.9 percent, the highest in several weeks, as altcoins were in the middle of a much sharper sell-off.

Three Main Reasons Behind Bitcoin Withdrawal

According to CryptoQuant CEO Ki Young Ju, the number of foreign currency deposits from whales has been increasing since September 17th. This kind of big trade puts a lot of pressure on BTC, of ​​course.

CryptoQuant has developed a metric that determines the ratio between the largest deposits and the rest of the daily entries to determine when large investors move their coins to the exchanges.

“The Stock Market Whale Rate is the size of the top 10 entries relative to the total entry for each exchange day. I used the weighted average for all exchanges. ”

US stock markets also fell on Monday, with the Dow down more than 600 percent. Bank stocks were hit after it was revealed that leaked FinCEN files did not prevent money laundering.

Investors are also closely watching whether the Supreme Court will approve the case, which emerged following the death of leading Judge Ruth Bader Ginsburg.

In addition, gold fell two percent to $ 1,913, while the US Dollar Index (DXY) rose 0.63 percent to stabilize around 93.00.

Bloodbath for Altcoins

As usual, altcoins suffered significantly harder losses than Bitcoin; Ethereum (ETH) and Chainlink (LINK) fell 9 percent and 14 percent respectively.

The buzzing cryptocurrencies from the DeFi industry are outright eroding – yearn.finans (YFI), Aave (LEND) and Uniswap (UNI) have been the biggest altcoins in the Top 100, dropping over 20 percent.