Here’s Why Bitcoin Tumbled 11% in 24 Hours

Here’s Why Bitcoin Tumbled 11% in 24 Hours
The world’s largest cryptocurrency by market capitalization began to drop Thursday around 19:00 UTC (2 p.m. ET), following the lead of the equity market, which saw a sharp decline into the U.S. 4 p.m. close.Here’s what analysts are saying is behind the fall in price:1. Negative market sentimentBitcoin’s (BTC) fall in price is a simple continuation of the same trend that has been occurring in the last few weeks – negative market sentiment. “This sentiment is fueled by a slew of gloomy news that overwhelms any form of objective asset data,” said Jason Deane, analyst at Quantum Economics. Although Deane’s…