Finance News
By Julie Binoche
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Bitcoin got hammered Thursday morning. The crypto king dropped 9% in 24 hours during Asian trading, briefly touching $69,031 before trying to find some footing in what traders…
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The drop wiped out Bitcoin's gains from its 2021 peak of $69,000, and things look pretty grim for crypto holders right now.
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Silver plunged 17% while gold dropped over 3%, showing that traders are basically dumping anything risky they can get their hands on.
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Institutional money is fleeing Bitcoin too, which makes the situation even messier. U.S.-listed Bitcoin ETFs saw $545 million in withdrawals Wednesday, marking the second…
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Bitcoin's price sits about 20% lower for the year and 45% below its peak near $126,000 last October.
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Market watchers say the pattern of declining highs and lows points to ongoing distribution rather than panic selling from retail traders.
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All eyes are on MicroStrategy now as the biggest corporate Bitcoin holder prepares to drop its fourth-quarter earnings.
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But MicroStrategy Chairman Michael Saylor isn't backing down. The company just grabbed 855 BTC for about $75.3 million, paying an average of $87,974 per Bitcoin.
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Bitcoin miners are getting squeezed hard. With Bitcoin near $71,000 and production costs estimated around $87,000, margins are basically gone.
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U.S. Treasury Secretary Scott Bessent told the House Financial Services Committee that the government can't support Bitcoin directly or tell banks to buy it.
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Bitcoin's market cap fell to $1.39 trillion with trading volumes hitting $101 billion as it hovers near weekly lows.
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Tesla's crypto position is getting attention too since the company bought $1.5 billion worth of Bitcoin in early 2021.
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The cryptocurrency selloff is spreading beyond Bitcoin to smaller digital assets, with Ethereum down 12% and Solana falling 15% in the same 24-hour period.
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Several Wall Street analysts are now questioning whether Bitcoin can hold the psychologically important $70,000 level.
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