Reasons for the Sharp Drop in BTH Coin (Causes of BTN Coin Plunge)

08/10/2023 04:40 • Tech Ticker • 106 views

Reasons for the Sharp Drop in BTH Coin (Causes of BTN Coin Plunge)

Why did BTH coin experience a sharp drop? According to Bitcoin Cash news, since February 1, 2018, when Bitcoin broke through the $10,000 mark for the first time, BTC has declined by more than 80%. In the past 24 hours, the price of the Bth token plummeted by around 20% after falling below 10,400 USDT. “Bitcoin” is the most popular cryptocurrency globally, while “Litecoin” (LTC) is one of the second-ranked altcoins, along with “Ripple,” which ranks third and fourth in terms of market value.

In March of this year, the price of Bitcoin dropped from a low of $9,000 to $9,500. In recent days, it continued to decline and has now fallen below the $8,000 mark, reaching a new high since 2019. The current price is quoted at $8,850 as of the time of this report, representing a decline of up to 40% compared to the historical high at the end of June. The market widely believes that Bitcoin is about to undergo a new round of bull-bear transitions, which has led people to pay attention to Bitcoin. So why did Bitcoin suddenly experience a surge? A series of issues caused by the halving of Bitcoin triggered severe congestion in the Bitcoin network. Bitcoin blockchain attacks led to short transaction confirmation times and high transaction fees, resulting in investors turning their attention to this emerging field and digital assets.

All these factors have made Bitcoin a new safe haven option. However, as the news of Bitcoin halving becomes increasingly widespread (according to bitinfocharts data), a large number of exchanges have transferred Bitcoin into other mainstream cryptocurrency wallets for mining, resulting in a sharp drop in BTC prices.

Reasons for BTN Coin Plummet

According to Coindesk’s report, BTN coin has been on a downward trend since January. Currently, its price has dropped below $0.014. In the past 24 hours, its market value has decreased from around $200 million to $300 million. According to Bloomberg’s citation of insiders’ comments, the surge in BTN tokens may be attributed to the market’s contribution to the upcoming BitcoinSV hard fork (i.e., the community’s vote on whether to destroy the token). Based on data from the Bitfinex exchange, BTN tokens are experiencing a significant pullback due to this upgrade, while other major currencies such as BTC and ETH have shown significant increases, but the price of Bitcoin has been consistently rising.

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Reasons for the Sharp Drop in BTH Coin (Causes of BTN Coin Plunge)

Reasons for BTN Coin Plummet

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