The post Why Bitcoin Price is Down Today? Here Are The Top Reasons appeared first on Coinpedia Fintech News

The crypto market has undergone a predicted correction following a three-week rally, with total market capitalization declining by 3% in the past 24 hours. The second largest digital asset, Ethereum (ETH), has dropped approximately 5% in the last day, trading at around $1,554 on Wednesday. 

Additionally, over $227 million has been liquidated in the crypto market in the past 24 hours. However, on-chain data suggests that there may be further pain in the near-term future. 

According to on-chain analytics firm Glassnode, short-term holders and Bitcoin miners are heavily selling their positions during the relief rally. Despite this, long-term holders are experiencing all-time high levels of Bitcoin accumulation, leading to a fierce tug-of-war between bulls and bears.