Heavy sellers took the center stage briefly at the world’s most popular crypto market.
Data retrieved from FTX a leading crypto exchange showed Bitcoin’s gain and then it lost huge amounts in dollar terms during trading on Sunday.
What this means: After topping 15% 24-hour gains, Bitcoin encountered heavy selling pressure above $28,000.
- Unable to sustain its extremely rapid upwards trajectory, the largest #cryptocurrency then fell to lows of $26,500.
- At the time of drafting this report Bitcoin’s volatility ensured that no firm market direction was in control as Bitcoin fluctuated around $27,100.
Sequel to the recent price action prevailing at the flagship crypto market, Bitcoin gained past $20,000 some days back for the first time as it notched record after record.
Crypto fans cheered it as an inflation hedge in an era of an unprecedented amount of quantitative easing triggered by many central banks globally.
- Also, leading household names in finance that include Paul Tudor Jones to Stanley Druckenmiller endorsed it as an alternative asset, adding to the rally.
- Not forgetting listed U.S brands like MicroStrategy Inc. and Square Inc. moved their cash reserves into crypto in search of better returns than near-zero interest rates deliver.
