Another week, another round of Crypto Tidbits.
It’s been yet another volatile week for the Bitcoin market, just like the last. This week, the leading cryptocurrency made an attempt at breaking the crucial $10,000 resistance yet again, rallying as high as $10,050 on some exchanges and $10,160 on BitMEX.
Many were quick to think that this move was going to be it — that this was going to be the breakout that sends BTC into yet another full-blown market. But they were wrong.
Due to what seemed to be downward pressure in all asset markets, Bitcoin was strongly rejected at $10,000, plunging as low as $9,050 just 24 hours later. The drop lower liquidated approximately $80 million worth of long and short positions on BitMEX, according to data shared by crypto derivatives site Skew.com.
The cryptocurrency ends the week down approximately 2%, a performance that is better than that of most top 10 altcoins.
As aforementioned, Bitcoin’s latest bout of weakness coincides with weakness in other markets.
During Thursday’s trading session, top U.S. equity indices, the S&P 500 and the Dow Jones, crashed by approximately 6%. This was the worst performance of these indices since March and April.
The weakness in the stock market comes on fears of a resurgence in the pandemic along with projections from the Federal Reserve and other economic and monetary bodies of a harrowing economic drawdown.
Related Reading: Crypto Tidbits: $200M of Bitcoin Liquidated, Ethereum DeFi Adoption Limited, Bloomberg Is Bullish
Bitcoin & Crypto Tidbits
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