Bitcoin (BTC) Prices Fumble Yet Again Amid Global Market Fall
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- Today, short-term investors in Bitcoin possess 54.5% of all coins.
- Bitcoin has lost nearly 8% of its value in the previous seven days.
During the weekend, the market price of Bitcoin (BTC) plummeted below the $40,000 barrier. Even though bitcoin traded primarily sideways this weekend, the most valuable cryptocurrency by market value nonetheless slipped below the $40,000 threshold. The volatility of bitcoin (BTC) is mostly driven by short-term investors, according to data from analysts.
Throughout the week, the market price of bitcoin hovered around $44,000 until beginning to decline on Friday, setting a seven-day high of $44,500 on Wednesday. Over the weekend, Bitcoin could not hold over $40,000 but plummeted on Sunday. Bitcoin has lost nearly 8% of its value in the previous seven days, but it has gained 2.2% in the last 24 hours, trading at $39,145, only to plummet at the time of writing to $37,924.20.
Short-term Holders Play Vital Role
According to Glassnode and IntoTheBlock, it is the short-term holders who are the most likely to spend their coins in reaction to volatility and who are hence the primary cause of BTC price fluctuations. Trader balances — those with less than a month of BTC in their wallets – are changing practically in unison with the price activity.
Today, short-term investors in Bitcoin possess 54.5% of all coins, resulting in a loss of 2.56 million BTC on the sell-side. As geopolitical events set the tone, markets are generally down. The market is keeping an eye on the Russia-Ukraine situation and developments in Canada and elsewhere. The recent dip in the S&P 500 matched the downward trend in bitcoin’s price. Gold, on the other hand, is at an eight-month high.
Cryptocurrency
