In the last few hours, the price of Bitcoin (BTC) has taken yet another tumble, according to data and insights from CoinDesk. This selling frenzy comes as U.S. stock market hours opened, showing no signs of recovery for the digital asset. Bitcoin, the world’s largest cryptocurrency by market cap, has shown a repeated pattern of such sell-offs during U.S. market hours, leaving investors and traders globally on edge.
The trend of U.S. hour sell-offs indicates the heavy influence of Wall Street and large institutional investors disposing of their BTC assets, which has shown a significant correlation to traditional market hours.
Despite the continuing sell-off, many crypto analysts and enthusiasts maintain bullish outlooks, citing the ‘buy the dip’ mentality that is often commonplace in this volatile market.
However, a continued dump of BTC raises questions about the short-term stability of the token. Retail and institutional investors would need to watch the market closely and react accordingly to secure their investments from any major potential losses.
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