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Bitcoin Tumbles to $94K Again: $1B in BTC Hit Exchanges While US-China Trade Deal Nears

After a day and a half of calmness and obvious value stability, bitcoin has slipped as soon as once more on Sunday afternoon regardless of some bullish information approaching the US-China commerce deal entrance.

What’s extra worrisome in this case is the conduct of BTC traders who’ve deposited roughly $1 billion price of the asset to crypto exchanges in the previous three days alone.

Such giant transfers are usually adopted by sell-offs, since most traders have a tendency to maintain their BTC saved away from exchanges except they need to instantly eliminate it. Consequently, it’s secure to assume that the speedy promoting strain has solely intensified and may very well be among the many causes behind the market-wide crash.

This is obvious in bitcoin’s value because the asset has nosedived as soon as once more in the previous few hours. It traded shut to $97,000 earlier as we speak, however has dropped to $94,000 as of press time. This is the second time it has examined this significant help since Friday.

Overall, the cryptocurrency has plunged by $13,000 since Tuesday morning when it briefly peaked above $107,000. Momentum and sentiment stay bearish, with the Fear and Greed Index plummeting to a 9-month low, as reported yesterday.

Some constructive developments on the macro entrance got here from US Treasury Secretary Scott Bessent, however even that couldn’t halt BTC’s speedy dive. Bessent asserted in a current interview that Washington and Beijing might strike a commerce deal earlier than Thanksgiving (November 27) after noting he’s assured China will honor the settlement.

The put up Bitcoin Tumbles to $94K Again: $1B in BTC Hit Exchanges While US-China Trade Deal Nears appeared first on CryptoPotato.

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