RATE Group | Bitcoin Hits Weekly Low as Fears of a $37M Dump Grow
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Bitcoin Hits Weekly Low as Fears of a $37M Dump Grow

04 Feb Bitcoin Hits Weekly Low as Fears of a $37M Dump Grow

Posted at 14:16h in Cryptocurrency News by

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Bitcoin was heading lower on Tuesday as concerns over a potential $37 million dump grew over traders’ consciousness.

The benchmark cryptocurrency hit a new weekly low at $9,116.35 during the early European session, down 5.23 percent from its year-to-date peak of $9,619.95, established Monday. Meanwhile, CME Futures linked to bitcoin plunged by up to 6.13 percent to $9,190.

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Bitcoin pullback in play after validating $9,600 as resistance | Source: TradingView.com, Coinbase

The plunge took place in the form of a wider bearish correction, after bitcoin’s wild upside price rally in January 2020. The cryptocurrency had surged higher against a series of geopolitical and macroeconomic events, starting with the US-Iran conflict, followed by the Coronavirus epidemic in China.

The virus fears led global stock markets to register fresh 2020 lows, with CSI 300 of Shanghai- and Shenzhen-listed shares suffering its biggest daily sell-off in more than four years. The downside risks in equities…

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