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Bitcoin (BTC) fell below the $69,000 mark late Thursday for the first time since August, as several factors, including inflation concerns, rising interest rates and ongoing challenges surrounding Nvidia Corp. (NVDA), weighed on the cryptocurrency.

Bitcoin lost nearly 7% over the past 24 hours, dropping to $68,529.96 at the time of writing. Meanwhile, Ethereum (ETH) declined to $1,912.54, according to Yahoo Finance.

According to market commentator The Kobeissi Letter, the selling pressure wiped out approximately $150 billion from the cryptocurrency market over a 48-hour period.

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Although Bitcoin is falling to its lowest level in months, some experts believe that now is a good time to enter.

Crypto analyst Michaël van de Poppe said in a post on X that he has been buying BTC, outlining five reasons for his move.

He noted that the "terrible sentiment" around the underlying asset means it is hard for prices to keep declining, adding that while there have been multiple events for the asset price to crash, it hasn't yet and markets are simply witnessing a 20% correction.

He also pointed out that this is a support area, "just barely beneath the 200-Day MA and ideal for liquidity."

The analyst said that Bitcoin had already bottomed on the Friday prior to the SpaceX IPO and that he "wouldn't be surprised" if the present scenario was at the same cadence.

Crypto-linked equities fell alongside cryptocurrencies late Thursday. Strategy (MSTR), Bitmine Immersion Technologies (BMNR), Strive (ASST), Coinbase Global Inc. (COIN), and Robinhood Markets Inc. (HOOD) all saw their shares decline in the overnight trade.

Strategy also faces pressure after MSCI Inc. said it would remove the company from its global indexes after the Nov. 30 rebalancing, likely prompting an exodus from passive funds.

On Stocktwits, retail sentiment around BTC was 'extremely bearish' at the time of writing, while it was 'bearish' for ETH.

Sentiment around MSTR was 'extremely bearish,' while ASST, COIN, and HOOD were in 'bearish' territory. Retail sentiment around BMNR improved from 'neutral' to 'bullish' over 24 hours.

BTC has lost nearly 33% of its value in the last one year, while ETH has lost more than 45% in the same time.

News.Az 

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