Bitcoin Plunges Below $90K, Retail Investors Bail

Bitcoins recent drop below $93,000 marks a significant reversal, erasing all its gains for the year. This comes after the cryptocurrency hit an all-time high and amidst a general cooling in high-flying tech stocks. The market is in a risk-off mood, with crypto being the first to show signs of this shift. Major buyers, including exchange-traded funds and corporate treasuries, have quietly stepped back, removing the steady flow of support that helped push Bitcoin to its earlier record highs. The selloff is attributed to long-term holders taking profits, institutional outflows, economic uncertainty, and leveraged long positions being wiped out. Despite the current negative sentiment among retail investors, some see the current dip as a buying opportunity.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.