The reasons for the sharp drop in bitcoin below $ 28,500 are named

on August 17, 2023, the bitcoin exchange rate dropped significantly. According to TradingView, the price of the asset has updated its monthly low, dropping to $ 28,396.

The regression of the bitcoin exchange rate affected its dominance in the cryptocurrency market. From August 16 to August 17, 2023, it dropped from 50.55% to 50.3%.

Over the last day, the volume of liquidations of the main cryptocurrency exceeded $ 158 million, according to CoinGlass. These are mostly losses of traders on long positions:

In turn, CoinGecko informs that almost all crypto assets from the top 10 by capitalization have also moved into the red zone.

The Fear and Greed Index has dropped to 50 points, according to CoinStats:

At the time of writing, the flagship cryptocurrency is trading at $ 28,538 with a market capitalization of $ 555.3 billion. Traders made daily trading deals worth $ 16.3 billion.

Just a day ago, bitcoin’s volatility fell to a 2016 low. Back in March, the sum of monthly transactions with the asset amounted to $ 449 billion. However, already in April, this value fell by more than 60% to $ 186 billion. In July, the figure fell to a critical level of $ 139 billion. Market experts predict that the figures could deteriorate significantly by the end of August.