Crypto slump: Bitcoin falls below $100,000 as $45 billion sold; long-term holders trigger renewed selling
Bitcoin has slipped below the $100,000 mark for the first time since June, marking a fresh downturn driven by long-term holders cashing out rather than leveraged traders. The world’s largest cryptocurrency dropped as much as 7.4% on Tuesday, extending losses to over 20% from its record high a month ago. By Wednesday morning in New York, Bitcoin had rebounded 1.7%, though derivatives traders were still betting on further declines.Unlike October’s sharp collapse, which was triggered by heavy liquidations, the current selloff appears to stem from waning conviction among long-time investors, reported Bloomberg. According to Markus Thielen, head of 10x Research, around 400,000 Bitcoins, worth nearly $45 billion, have been sold in the…
