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Bitcoin’s bear-market rout deepens as prices hit a 6-month low. Why long-term holders stepping up selling could be a bad sign
Bitcoin fell to its lowest level in six months Thursday afternoon, deepening its bear-market rout as long-term holders of the cryptocurrency stepped up their selling. The largest cryptocurrency was down 3.4% to $98,308, touching its lowest level since May 8, according to Dow Jones Market Data. It is now trading around 22% below its record high of $126,273, reached on Oct. 6. Pressure has been building as long-term holders — broadly defined by the industry as those who held bitcoin for over 155 days — accelerated their selling, according to analysts at crypto analytics firm CryptoQuant. These holders have sold ... (full story)
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