Bitcoin dips below $56K due to major institutional sell-offs and market pressure
Bitcoin (BTC) has experienced a decline below $56,000, representing a decrease of more than 6% within a week. This drop can be attributed to various factors, such as institutional selling, the selling pressure from short-term holders who are dealing with unrealized losses, and continuous selling in the spot market. Fidelity, Grayscale, Ark Invest, and Ceffu, which are institutional investors, have exerted substantial influence in driving down the price of Bitcoin.