Bitcoin’s course dropped to $ 10.3 thousand due to the Defi downturn and the stock market

In the last night, the price of Bitcoin decreased by 9.28%, reaching a mark of $ 10.3 thousand. Analysts associate such rapid changes with a decline in speculative excitement in the field of decentralized finances, the weakening of the stock market and enhancing pressure from sellers.

During the night collapse, the CTC rate dropped to a minimum level over the past seven weeks, and for some time it was trading below $ 10 thousand. Analysts are called several factors that have repeatedly influenced the first cryptocurrency price.

Over the past few months, the market «warmed up» the rapid growth of DEFI projects due to the active pharmacy of income investors. However, the influx of users led to the overload of the ETHEREUM network, which caused a significant increase in commissions for the transaction, making only major operations. As a result, a speculative excitement on the market began to gradually take, since traders realized high risks due to excessive tokens inflation and began to act carefully.

Aggressive competition between decentralized stock exchanges increased their trading volumes to billions of dollars. The result of the growth of the Defi sector is the fact that it began to provide a direct impact on mood at centralized sites.

In addition, since the beginning of the year, analysts note the strengthening of Bitcoin correlation with traditional markets, with particular the S & P 500 index, which decreased on Thursday by 4%. The fall in the value of Facebook shares, Amazon, Apple, Netflix, Alphabet and large American retail chains could also stimulate the short-term sale of a digital currency.

Analysts also noticed that on the eve of the collapse of the courses, major mining pools began to increase the amount of funds on the wallets of the exchange for sale, reinforcing pressure on the market.

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