Brace for impact? After hitting $42K, Bitcoin price volatility may rise
Cointelegraph
Published Jan 09, 2021 07:07AM ET
Updated Jan 11, 2021 09:20AM ET
The price of Bitcoin (BTC) achieved a new all-time high above $42,000 on Jan. 8, surging by 9% in merely three hours. At the time, there was a high premium on Coinbase, which meant U.S. buyers drove up the market by aggressively accumulating BTC. But, there is continuous selling pressure coming from Asia, particularly from South Korea.
Bitcoin corrected sharply after rising to $42,000, declining by over 7% in about eight hours. The sell-off coincided with significant whale activity across major exchanges. Trading activity in the altcoin futures market also demonstrated a similar trend. For instance, on Jan. 9, a whale unloaded a big portion of Ether (ETH) longs on Bitfinex, taking profit for the first time since March 12.
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Written By: Cointelegraph
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