The psychologically significant $100,000 milestone was further receded by the price of bitcoin as investors booked profits from the token’s post-U.S. election gains.
The biggest cryptocurrency in the world by market capitalisation dropped more than 3% to $91,842.30. The CoinDesk 20 index, which gauges the performance of the cryptocurrency market as a whole, dropped by about 6%.
Long-time holders have begun selling in greater quantities on the spot market as the price of bitcoin continues to break new records.
Thus far, the sell pressure has been absorbed by MicroStrategy’s massive purchases and inflows into bitcoin ETFs, which ended a five-day run on Monday and recorded $438 million in outflows. Long-term holders, tare organisations that have owned bitcoin for 155 days or more.
Source (CNBC)
