Crypto Stocks, Bitcoin Miners Sell-Off as Profit-Taking Caps Explosive Year-End
Bitcoin slipped below $42,000 on Friday, stalling below its yearly high.
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Bitcoin slipped below $42,000 on Friday, stalling below its yearly high.
Investors moved the highest amount of BTC to exchanges since March, IntoTheBlock noted, signaling profit-taking after bitcoin’s first eight-week streak of gains since 2017.
Bitcoin endured its worst daily drawdowns in 4 months, dipping over 7% to nearly $40,000. $XRP, $LINK, $ADA declined 8%-10%.
The move prompted $73 million in liquidations, during the day predominantly leveraged short positions betting on lower prices.
Bitcoin hit a fresh yearly high of $42,000, pushing the market capitalization of all cryptocurrencies over $1.5 trillion for the first since May 2022.
Bitcoin hit an 18-month high near $38,000 before pulling back sharply.
Polygon’s MATIC and Chainlink’s LINK led altcoin gains Wednesday afternoon.
Altcoins posted gains of 5%-10% on Monday while bitcoin (BTC) treaded water near $35,000 as investors ventured into riskier tokens as calls for an altcoin season emerge.
Layer 1 cryptocurrencies and DeFi tokens soared this week as bitcoin and ether chopped sideways.
Bitcoin [BTC] mining stocks soared Thursday amid stable bitcoin price near its 17-month highs and bullish equity markets.