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Home Markets Cryptos

Black Sunday, Bitcoin drops $4,000

Olumide Adesina by Olumide Adesina
January 10, 2021
in Cryptos, Spotlight
Bitcoin
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In the past few hours, Bitcoin bears took hold of the world’s most popular crypto, as it dropped as much as $4,000 when it traded at $41,400 on Sunday afternoon, before rebounding slightly to around $38,200 at press time.

  • Bitcoin traded at $38,224.39 with a daily trading volume of $69 billion.
  • Bitcoin is down 5.86% for the day and presently has a market value of $711 billion.

READ: List of Cryptos outperforming Bitcoin, with weekly gains of over 100%

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READ: Ethereum defying law of gravity surges past $1,050

What this means

The bearish trend prevailing at the bitcoin market is largely attributed to a significant amount of profit-taking in play on the account that Bitcoin realized profits are at record highs.

READ: Elon Musk’s Tesla now worth $834 billion, bigger than Facebook

  • Yesterday alone, the total net realized a profit of all coins moved on-chain was $5.5 billion.

Note that these represent BTC on-chain movements (comparing price at UTXO creation/spent times), not trades.

READ: Bitcoin, Cardano, Polkadot, Ethereum suffer heavy losses over proposed regulations

#Bitcoin realized profits at record highs.

Yesterday alone, the total net realized profit of all coins moved on-chain was $5.5 billion.

Note that these represent BTC on-chain movements (comparing price at UTXO creation/spent times), not trades.

Chart: https://t.co/RtEUeu9VPa pic.twitter.com/nj3aJSnIWa

— glassnode (@glassnode) January 8, 2021


Follow us for Breaking News and Market Intelligence.
Tags: BitcoinBusiness NewsCryptocurrencyCryptocurrency News
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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Comments 5

  1. Anthony says:
    January 10, 2021 at 8:04 pm

    Though new but going through your analysis I have confidence I could follow you

    Reply
  2. Vika says:
    January 11, 2021 at 9:00 am

    Will BITCOINS ever raise again?because i have noticed since yesterday being Sunday it has been falling.

    Reply
  3. Blaise says:
    January 11, 2021 at 11:38 am

    Bitcoin will always rise and fall.
    This volatility is where day traders and scalpers make their earnings.

    Reply
    • Anonymous says:
      May 25, 2021 at 6:19 pm

      cest exact

      Reply
  4. Jax says:
    January 11, 2021 at 4:46 pm

    The title of this post is easily misleading. There’s nothing black about the Sunday

    Reply

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