Why Did Bitcoin Suddenly Crash to $80K?

Bitcoin’s adverse price developments that began at the start of the previous business week culminated in another nosedive earlier this morning to just over $80,000 on most exchanges. This means that the asset tested this key support for the first time in nearly a month. Here are some of the possible reasons. Pain in Asia Earlier this week, Tom Lee warned that the major correction experienced in Asia’s largest equities could translate into a fresh pullback in the cryptocurrency markets. At the time, South Korea’s stock market dumped by 5% at one point, while Japan’s Nikkei 225 went from 69,000 on Friday to 67,130 on Tuesday. After both indices tried to rebound in the following days, the landscape worsened in the past 24 hours.

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