Bitcoin Declines to $101K over Panic Selling Rally
Bitcoin fell on Thursday, trading at $101,676 after BlackRock trimmed holdings, causing some panic selloffs. BTCUSD has lost more than $22,000 in the fourth quarter after the price peaked at $123k.
Cryptocurrency investor panic sell-offs were visible on top cryptocurrencies, dragging the global market cap of all assets down by 2.43% to $3.39 trillion at the time of writing.
Negative investment sentiment started after Fed speech signals slowdown in rate cut. Tight trading actions ensued and Bitcoin, Ethereum have become casualties of profit taking activities.
According to data obtained from CoinMarketCap.com, BTCUSD, the world’s largest cryptocurrency, has lost 2.50% in the last 24 hours with $60.815 billion in trading volume.
The selloffs by both retail and institutional investors reduced Bitcoin market capitalisation to $2.030 trillion. The same trend was recorded by Ethereum, the second largest by market cap. Ethereum has lost 3.54% in the last 24 hours with trading volume at $37.265 billion.
ETHUSD is trading at $3,335 after huge intraday loss that worsened its weekly price depreciation to 10.55%. ETH market capitalisation has since then reduced to $402.945 billion.
Investment firm BlackRock has executed another massive offload in Bitcoin and Ethereum. According to data shared by the source, BlackRock transferred about $478.5 million in BTC and $194.9 million in ETH, worth a total of over $673 million, to Coinbase Prime within the last few hours.
The sell-down came 24 hours after BlackRock deposited 34,777 ETH worth approximately $114.97 million into the same Coinbase Prime address.
The repeated transfers — executed in multiple batches of roughly 300 BTC or 10,000 ETH at a time — signal a deliberate actions, likely an attempt to sell off large portions of its holdings.
Speculative traders suggest cryptos market may have already peaked; panic selling has spread across the market as investors gradually lose confidence.
Thus, BlackRock’s suspected sell activity has heightened fear among traders as the market continues to remain in deep red territory. #Bitcoin Declines to $101K over Panic Selling Rally Cadbury Nigeria Shares Hit Oversold, Analysts Now See Upside
