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Bitcoin: As fears of $60K rise, crypto market feels the tremors

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Once again, the price of Bitcoin experienced a decline, sparking panic within the cryptocurrency community.

recent run inspired a large amount of hope in the crypto space over the last few months. However, BTC’s recent price movements have shifted the tides completely.In the last 24 hours, the price of BTC fell by another 4.03%, bringing the price down to $64,459.11 at the time of writing. This could be attributed to the fact there was a massive surge in Net Taker Volume.Net Taker Volume refers to the net amount of cryptocurrency being sold or bought by market participants on exchanges.

Conversely, a negative Net Taker Volume suggests a bullish sentiment, with more cryptocurrency being bought than sold. A sudden increase in selling pressure, as indicated by a surge in Net Taker Volume, can lead to downward price movements as more investors look to offload their BTC holdings. Over the last few days, the number of unique buyers and sellers of Bitcoin NFTs had grown materially. However, as the price of BTC plummeted, so did the number of buyers and sellers of BTC NFTs.

 

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