The price of Bitcoin The price moved further away from the psychologically necessary $100,000 mark as investors booked profits from the token's gains after the US elections.
The largest cryptocurrency by market cap was last down greater than 2% at $92,277.19, in accordance with Coin Metrics. It previously fell to $91,433.54. The CoinDesk 20, an index measuring broader crypto market performance, fell nearly 6%.
Coinbase And Microstrategy were each around 3% lower.
“Bitcoin has been on a tear since Election Day… with very few pullbacks, but the $100,000 level remains a formidable psychological barrier,” Mati Greenspan, founding father of Quantum Economics, told CNBC by email. “While a breakout now would be an important bullish signal, a short pullback may be needed to gain momentum before the next attempt.”
As Bitcoin usually hits recent records this month, long-term holders are selling ever larger amounts on the spot market. That selling pressure has to date been absorbed by inflows into Bitcoin ETFs, which ended a five-day streak on Monday and recorded $438 million in outflows, in addition to large buying from MicroStrategy. CryptoQuant typically defines long-term holders as those that have held Bitcoin for 155 days or longer.
Traders took profits following Bitcoin's post-election rally fueled by optimism over President-elect Donald Trump's crypto-friendly political platform.
“Historically, when new all-time highs are reached, there is typically a period of consolidation before moving higher,” Brett Reeves of crypto infrastructure company BitGo told CNBC. “We know that new institutional money is flowing into the space and retail activity is increasing, both across ETFs and exchanges. Given the positive macroeconomic and regulatory news ahead, we could see a rapid pick-up in price activity.”
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