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.
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.
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.