Bitcoin upset its investors after 3 months

Bitcoin, which started the second half of the year with reaction purchases and improved regulatory expectations for digital assets in the USA, rose in July, August and September. Bitcoin increased by 7.2 percent to 62 thousand 884 dollars in July, by 25.3 percent to 78 thousand 816 dollars in August, and by 6.1 percent to 83 thousand 597 dollars in September.

Bitcoin, which lost value due to the increase in global inflationary pressures and the sales pressures seen in technology stocks, decreased by 7.4 percent to 77 thousand 437 dollars in October, making its investors lose after 3 months. Bitcoin lost 22.1 percent in the first quarter of the year, 13.9 percent in the second quarter, and gained 42.5 percent in the third quarter.

The value of the cryptocurrency market decreased by $265 billion in October

Total Market, which expresses the total value of all cryptocurrencies in the crypto market, decreased by 265 billion dollars to 2 trillion 601 billion dollars.

Blockchain and Crypto Asset Strategist Mete Ali Başkaya, in his evaluation to the AA correspondent, stated that it would not be correct to explain the decline in bitcoin only with the dynamics of the cryptocurrency market itself and said, "High interest rates in the USA, pressure on bond yields, sales in technology stocks and investors moving away from risky assets were already putting pressure on bitcoin. Binance's cyber attack worth approximately 6.3 billion dollars increased the current sales pressure." he said.

President Baskaya stated that Binance had covered 95 percent of the losses as of November 1 and gradually restarted withdrawal transactions, but stated that the net customer outflow of approximately 3.64 billion dollars on the same day showed how sensitive investor confidence is.

Stating that the attack was not aimed at the bitcoin network but against the infrastructure of a central exchange, Başkaya emphasized that the security breach in such a large exchange affected the risk perception of the entire crypto market.

"Among the factors that will determine the direction of bitcoin in November are the monetary policy of the US Federal Reserve, bond yields, corporate fund flows and the extent to which investor confidence will be restored after Binance," Başkaya said. he said.