Heavy sell volumes on spot exchanges such as Coinbase caused a fall in bitcoin’s price to as low as $11,299 Tuesday. Profit-taking is one driver of the dip, according to Chris Thomas, head of digital assets for broker Swissquote. “There are naturally some traders looking to take short term profits here, which is driving us lower,” Thomas told CoinDesk.
Traders were hitting the sell button on economic hedges Tuesday. Gold was in the red 5.6% and at $1,913 as of press time. Over the past month, gold remains up, having gained 6.4%. Meanwhile, bitcoin has appreciated 22%.
Traders were hitting the sell button on economic hedges Tuesday. Gold was in the red 5.6% and at $1,913 as of press time. Over the past month, gold remains up, having gained 6.4%. Meanwhile, bitcoin has appreciated 22%.
