As a seasoned researcher with years of experience in the turbulent world of cryptocurrencies, I’ve learned to expect the unexpected. The recent sell-off of Bitcoin (BTC) has been an interesting development, and it seems that the institutions seem to be playing a significant role in this trend.
As a crypto investor, I witnessed a significant sell-off for Bitcoin (BTC), the leading cryptocurrency by market cap, during yesterday’s trading session. This downward trend persisted into today, with Bitcoin dipping to an intraday low of $57,663 in the current trading session.
Currently, Bitcoin (BTC) has decreased by 2.09% over the past 24 hours, with its price standing at approximately $59,450. This decline is from its peak of $62,755 that was reached on Thursday.
As a crypto investor, I’ve noticed that according to the insights from Lookonchain, it appears that institutions have momentarily paused their Bitcoin purchases, which could be one of the factors leading to the recent decrease in price.
On Twitter, Lookonchain posted: “It appears large investors are taking a break from purchasing Bitcoin, causing its value to decrease by approximately 4.5% today. We’ve observed that these institutions have not been receiving USDT from Tether Treasury and sending it to exchanges for the past two days.”
It appears that institutions have halted their Bitcoin purchases for now, leading to a 4.5% drop in its price today! In the last two days, we’ve seen Tether Treasury not sending USDT to exchanges anymore.
— Lookonchain (@lookonchain) August 12, 2024
Data from the blockchain indicates that Bitcoin’s rapid surge to $62,755 during Thursday’s trading session could potentially have prompted profit-taking. According to on-chain analysis firm Santiment, after “Bitcoin momentarily soared above $62,600, representing a 25% increase in less than four days. Once again, typical traders found themselves taken aback.”
Santiment pointed out that a sudden surge in enthusiasm about Bitcoin’s possible price range between $70,000 and $75,000 could potentially indicate a peak for the cryptocurrency.
On the weekend, a decline in Bitcoin (BTC) initiated a wider sell-off across the cryptocurrency market, with certain traders looking for signals to reposition themselves before a bustling upcoming week.
Key releases awaited this week
Despite the lingering doubts about the health of the U.S. economy, investors are eagerly awaiting the release of fresh inflation figures coming up this week.
On Tuesday, we’ll see the release of the Producer Price Index for July, a measure that monitors wholesale costs. Following this, on Wednesday, we’ll have the Consumer Price Index for the same month.
Over the weekend, a decrease in Bitcoin (BTC) led to a wider cryptocurrency market sell-off, with some investors looking for clues before a hectic upcoming week to reposition themselves.
Market participants will closely monitor the inflation figures, given the recent concerns about potential economic downturn in the U.S. and questions on whether the Federal Reserve could have acted more swiftly by lowering interest rates earlier to prevent a harsh economic slowdown.
Last month’s Federal Reserve meeting indicated that interest rates would remain unchanged for now. However, they hinted at the possibility of reducing rates by September, contingent upon the analysis of both inflation figures and employment market trends.
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2024-08-12 15:54