Bitcoin Loses 6% in One Week Despite Nasdaq's All-Time High, Crypto-Specific Factors Blamed
Bitcoin has experienced a 6% decline in the past week, despite the Nasdaq Composite Index reaching an all-time high. While some attribute this to the Federal Reserve's decision to only cut interest rates once this year, others suggest crypto-specific factors such as profit-taking by holders and increased selling by miners may be responsible. Long-term holders are reportedly willing to sell their Bitcoins at the November 2021 all-time high of nearly $70,000, and an inactive wallet from 2018 recently moved 8,000 BTC worth over $500 million to crypto exchange Binance, potentially signaling an impending sale. Additionally, the hashrate dedicated to the Bitcoin blockchain has declined, indicating miner capitulation.
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