Why Is Bitcoin Price Going Down Today?

Bitcoin slipped to $83,076.05, down 1.4% over 24 hours, as a wave of selling hit global markets. Over $550 billion was wiped out from gold and silver in just three hours, while Chinese stocks lost more than ¥1.21 trillion ($181 billion) as the Shanghai index fell 1.75% and the CSI 300 dropped to its lowest level in 12 months. Geopolitical tension added to the pressure. Iran said it is ready for “real diplomacy” with the US but remains prepared for “an apocalyptic war” if attacked, according to Al Jazeera. The dip follows a strong stretch. Bitcoin had just posted its highest weekly close in eight months above $84,000, leaving it up 45% from its June low, and remains up 2.2% over the past week.