28.7 F
New York
Friday, March 5, 2021


Home News Bitcoin Falls as Miners Sell, Institutions Watch Yellen.-

Bitcoin Falls as Miners Sell, Institutions Watch Yellen.-

Key Concepts (and relevance score)

Summary (IA Generated)

Bitcoin’s price dropped as much as 10% during early trading hours on Tuesday as bitcoin miners started selling a large amount of the cryptocurrency for the first time since October.

There is not enough demand to absorb the additional coins on the market because institutions want an idea of how the new Biden Administration will view bitcoin and other cryptocurrencies.

At the press time, bitcoin was trading at $32,254.

04% in the past 24 hours, according to CoinDesk’s BPI.

The price went as low as nearly $30,000 after markets opened in the U.


on Tuesday.

Bitcoin miners’ position index, a ratio of the number of bitcoin leaving all miners’ wallets to that number’s one-year moving average, reached an eight-year high last week and is still above 2.


] Source: CryptoQuantMiners appear to have been selling in order to meet some of their operational costs.

] While miners continue selling bitcoin, it seems there aren’t enough buyers, especially from the institutional investors, to meet the sell side.

] Bitcoin is volatile, that’s part of the game with a new and emerging asset.