Bitcoin slides back to $40,000 as post-ETF correction deepens
Publishing timestamp: 2024-01-18 23:03:32
Summary
The article discusses the recent tumble in cryptocurrencies, with bitcoin falling back to $40,000. Ether also fell, and the rest of the crypto market was dragged down as well. The move in bitcoin also affected crypto-related stocks, with Coinbase and MicroStrategy ending the trading day down. The article mentions that short-term traders and large bitcoin holders are selling, and unrealized profit margins have not fallen enough for sellers to be exhausted. Bitcoin flows to derivative exchanges have also stopped growing, which has previously signaled bear markets or price corrections. The article concludes by stating that although the long-term uptrend of bitcoin remains intact, it likely still has further to fall.
Sentiment: NEGATIVE
Tickers: ETH.CM=, COIN, IREN, MSTR, RIOT, MARA, CLSK, BTC.CM=,
Keywords: marathon digital holdings inc, technology, coinbase global inc, ethereum/usd coin metrics, business news, microstrategy inc, riot platforms inc, iris energy ltd, cryptocurrency, cleanspark inc, bitcoin/usd coin metrics,
Source: https://www.cnbc.com/2024/01/18/bitcoin-slides-to-back-40000-as-post-etf-correction-deepens.html