On Tuesday, the price of Bitcoin experienced a notable decline, reportedly influenced by automated trading protocols in Asia reacting to Bitcoin ETF data. According to a Bloomberg report, these bots utilize scraped ETF data to place orders, potentially exerting a significant impact on the market. Source: CoinMarketCap This theory is bolstered by Bitcoin's robust performance earlier in March during periods of strong inflows. However, analyst Eric Balchunas has downplayed the significance of Bitcoin ETFs on the cryptocurrency's price, suggesting that larger market forces are at play.
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Bitcoin flash crash
On Tuesday, the price of Bitcoin experienced a notable decline, reportedly influenced by automated trading protocols in Asia reacting to Bitcoin ETF data. According to a Bloomberg report, these bots utilize scraped ETF data to place orders, potentially exerting a significant impact on the market. Source: CoinMarketCap
This theory is bolstered by Bitcoin's robust performance earlier in March during periods of strong inflows. However, analyst Eric Balchunas has downplayed the significance of Bitcoin ETFs on the cryptocurrency's price, suggesting that larger market forces are at play.