Crypto hit by Bitcoin whales dumping $59 billion in bets
NEW YORK – Bitcoin has been falling again – but this time, it’s not leverage breaking the market.
The original cryptocurrency fell as much as 7.4 per cent on Oct 4 to dip below the US$100,000 mark for the first time since June. That’s down more than 20 per cent from a record high reached a month ago. Bitcoin pared losses on Nov 5 in Asia, but is still struggling for a sure footing.
Unlike the cascading wipeouts that triggered the October crash, the current slide has been led by a steady drumbeat of selling in the spot market. That marks a shift from the pattern crypto traders have come to expect lately, where sudden bursts of volatility are typically driven by liquidations in futures markets.
Long-time Bitcoin holders have…
