Bitcoin Drop After Crypto Bill's Bust Seen as Relatively Shallow — Market Talk
Bitcoin's decline after the crypto-friendly Clarity Act's defeat in Congress has been relatively shallow, analysts at Glassnode say in a report. "Given the news, the fall is small," they say. It appears that new buyers have gone quiet, cutting off the flow of money that had been driving up Bitcoin in the last month, but holders aren't rushing to sell either, they say. Coins are being taken off of exchanges, a move that happens when traders aren't looking to sell their holdings, the analysts say. There is also a wall of "buy" orders sitting within 10% of the current price, which would be triggered if the price drops further and prevent further drawdowns, they say. ([email protected])