March 5, 2021
Business News

Bitcoin Sells Off on Bearish Sentiment, Yellen Worries

Bitcoin’s price slumped by around 5.6% in the past 24 hours thanks to some Asian traders taking a short-term bearish view and concerns the new Biden administration in the U.S. will seek to put a damper on cryptocurrency use.

Profit-taking occurred in the spot market during Asian market hours after bitcoin failed to consolidate around the record high of $40,000 in the past week. In the derivatives markets, short positions grew, led by institutions and large bitcoin holders known as whales. 

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