Sell Pressure Stops Bitcoin from $100K Price Flirting
The market price of bitcoin retreated strong after days of flirting around $100,000 as retail investors took profit from orange coin. Some analysts revealed that Bitcoin’s recent price drop is being attributed to long-term holders rather than institutional investors, despite initial speculation to the contrary.
Bitcoin BTCUSD price fell over 5.6% in the past 24 hours to trade at $92,774, according to data from CoinMarketCap.com. The price correction on the world’s largest crypto asset dragged down the entire market value of all cryptos at the same time.
Reacting to negative price movement, the global crypto market cap dropped to $3.18 trillion on Tuesday, a 5.70% decrease over the last day.
Further detail revealed that the total crypto market volume over the last 24 hours inched to $243.42 billion, which makes a 18.47% increase. The total volume in DeFi is currently $15.29 billion, according to CoinMarketCap.com, a 6.28% of the total crypto market 24-hour volume.
Also, the volume of all stable coins reached $222.38 billion on Tuesday, which is 91.36% of the total crypto market 24-hour volume.
On Monday, major digital assets were mixed with Bitcoin (BTC-USD) lower near the $95,000 level. The CoinDesk Market Index, which tracks 126 digital assets, was down 0.6% in the past 24 hours.
The Nasdaq 100 was up 0.04%; the S&P 500 rose 0.2%; and the Dow Jones Industrial Average was up 0.9%. Bitcoin fell 2.2% to $94,658, with the cryptocurrency’s 24-hour trading volume soaring 52.7% to $73.29 billion, according to CoinMarketCap data.
Ethereum (ETH-USD), the second-largest digital asset, rose 4.3% to $3,482. Solana (SOL-USD) was down 4.6%, and BNB (BNB-USD) fell 1.7%.
XRP (XRP-USD) advanced 2.8%, and Dogecoin (DOGE-USD) was down 4.9%. Cardano (ADA-USD) fell 0.2%. The US 10-year Treasury yield closed at 4.267%, down from Friday’s close of 4.406%, while the five-year yield fell to 4.176% from 4.295%.
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