<\/p>\n
Flagship crypto bitcoin (BTC) is beginning to unwind its momentum from earlier this year, following its largest single-day loss in 2023 late last week.<\/p>\n
The asset has hit a 5-month low in its aSOPR (7-day moving average), falling to 0.99251, data from blockchain analytics provider Glassnode<\/a> shows. Bitcoin has also closed below its 200-day moving average for the first time since February.<\/p>\n The aSOPR (Adjusted Spent Output Profit Ratio) measures the profit and loss of coins moved on-chain. A decrease in the figure could indicate investors are selling at a loss.<\/p>\n Closing below the 200-day moving average, typically viewed as a bearish sign in financial markets, adds further insight into the industry marked by fresh volatility<\/a> and regulatory<\/a> challenges.\u00a0<\/p>\n Those metrics square against a global economy grappling with uncertainty, emphasizing the shifting focus this year away from digital assets and a potential pivot in investor sentiment.\u00a0<\/p>\n Selling pressure has swept across global markets<\/a>, causing Wall Street\u2019s primary indexes<\/a> to end lower on Friday, while Asian shares ended down for a third straight week of losses.\u00a0<\/p>\n The driving factors behind these movements center on apprehensions about the state of China\u2019s economy<\/a> and the expectation that US interest rates will be maintained at higher levels for a more prolonged period.<\/p>\n While bitcoin\u2019s correction cannot be traced back to a single piece of fundamental news<\/a>, several factors likely contributed, fintech firm NYDIG wrote in a recent research note.<\/p>\n Those include the bankruptcy of Evergrande late last week, a simultaneous Wall Street Journal article observing that SpaceX had disposed of all its bitcoin holdings in 2022 and the ongoing weakness in risk-associated markets such as equities since the beginning of the month.<\/p>\n \u201cOne \u2018tell\u2019 about the move on Thursday was the price action in alts on Wednesday,\u201d NYDIG wrote. \u201cUnexplained significant weakness was seen in many altcoins that perhaps portended the move in the major coins, such as bitcoin.\u201d<\/p>\n Get the day\u2019s top crypto news and insights delivered to your email every evening.\u00a0Subscribe to Blockworks\u2019 free newsletter<\/a>\u00a0now.<\/strong><\/p>\n Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can\u2019t-miss tweets and more from\u00a0Blockworks Research\u2019s Daily Debrief<\/a>.<\/strong><\/p>\n Can\u2019t wait? Get our news the fastest way possible.\u00a0Join us on Telegram<\/a>\u00a0and follow us on\u00a0Google News<\/a>.<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Flagship crypto bitcoin (BTC) is beginning to unwind its momentum from earlier this year, following its largest single-day loss in 2023 late last week. The asset has hit a 5-month low in its aSOPR (7-day moving average), falling to 0.99251, data from blockchain analytics provider Glassnode shows. Bitcoin has also closed below its 200-day moving […]<\/p>\n","protected":false},"author":2,"featured_media":140015,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-140014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/140014","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=140014"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/140014\/revisions"}],"predecessor-version":[{"id":147482,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/140014\/revisions\/147482"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/140015"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=140014"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=140014"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=140014"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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