- Bitcoin has fallen over 15% to around $58,000 since its recent all-time high of almost $69,000.
- This came as the SEC rejected a spot bitcoin ETF and the infrastructure bill was signed into law.
- Insider asked 5 crypto experts what’s behind the sell-off and why metaverse tokens held up better.
Bitcoin’s price had fallen more than 15% to around $58,000 as of Friday after surging to a new all-time high of $68,998 on November 10.
From a technical analysis perspective, the largest cryptocurrency has broken its near-term psychological support of $60,000, with the next important support level sitting at around $54,000, according to commentary from the trading desk at Genesis Trading.
The overall crypto market has shrunk by $500 billion as both traditional finance and crypto-native accounts were seen “cutting sizeable amounts of risk.”
“We saw broad-based selling across our entire franchise yesterday, with a 5:1 tilt to selling in overall flows,” the trading desk said in a Friday morning