Today’s Fluctuations: Bitcoin, Ethereum, and Dogecoin Experience a Drop Followed by a Surge

Bitcoin, Ethereum and Dogecoin have seen significant price swings over the past day, dropping around 7% in the span of an hour yesterday afternoon. The decline took place just before reports emerged of large transactions from two dormant crypto accounts tied to defunct exchange Mt. Gox and the US government. Blockchain analytics firm Arkham carried out the investigation into the transactions. Although the two bulk transfers were not thought to be linked, it’s unclear what specifically caused the market move, which resulted in mass liquidations and it’s suggested that several hundred millions of dollars were involved. Experts believe that leveraged positions played a part. However, reports that the tokens are working their way back to trading even once again bode well for crypto bulls. They appear to be taking advantage of what they see as a dip and using a “buy-the-dip” mentality to accumulate tokens. The bulls are hoping the bull rally we’ve seen in the digital asset market so far in 2022 still has a way to go. Nonetheless, there are many macro factors that could still disrupt the impressive rally seen this year.

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About The Author

Niels I have been passionate about dogecoin since 2019, and have since become an avid follower and advocate of the cryptocurrency. I keep a close eye on the Dogecoin market and trends, and I'm always up-to-date with the latest news and developments. As a true believer in the potential of dogecoin, I am excited to be a part of the growing community and I'm eager to share my knowledge and experience with others. When not busy with dogecoin, I enjoy golf, and I can often be found on the golf course.

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