The price of Bitcoin, the leading cryptocurrency by market cap, has plunged to the lowest level since early May, reaching an intraday low of $98,081. BTC's market cap has slipped below $2 trillion.
BTCUSD by TradingView
Notably, it has printed 16 straight 15-minute red candles, which underscores how bearish the cryptocurrency market currently is.
Roughly $400 million worth of crypto has been liquidated over the past 24 hours, with longs accounting for the overwhelming majority of the wipeout, CoinGlass data shows.
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The flagship cryptocurrency has already slipped below $100K for the second time this month.
"Significant" bearish bias
According to analytics firm Santiment, the latest has caused a wave of FUD and concerned social media posts from retail traders.
Historically, buys are less risky than average due to panic selling by retail traders.
"Sentiment always plays a significant factor, and more often than not, prices will move opposite to whatever the crowd's majority narrative is on social media," the firm noted.
📉 Bitcoin has dumped below $100K for the second time this month. Predictably, this has caused a wave of FUD and concerned social media posts from retail traders. As shown below:
🟥: Significant bullish/greedy bias (usually when markets are getting too much FOMO, prices will go… pic.twitter.com/rowUv3xIMd
As reported by U.Today, OGs selling Bitcoin en masse was considered to be the main reason behind the sell-off.
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According to Glassnode, the scale of profits taken by seasoned investors after breaking the ATH climbed to levels fully consistent with prior cycle peaks in late August.
The silver lining
Chris Kuiper, VP of research at Fidelity Investments, has noted that the correlation between bitcoin and gold continues to decline.
In order to be part of institutional portfolios, Bitcoin is supposed to be uncorrelated.
"This is what institutional investors may want and need to see to get the benefits of diversification…If bitcoin merely trades like a leveraged position on something already in the portfolio, institutional investors could just replicate it by using leverage." Kuiper noted.
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