Bitcoin faced unyielding resistance at the $11,000 level. Over the 24 hours, BTC shed more than 4% amid rising miner inflows to exchanges.
At the time of writing, the first cryptocurrency was trading around $10,400.
Intraday BTC/USD chart for Bitstamp exchange from TradingView.
Over the previous session, exchanges took in 784 BTC. The average inflow over the last 30 days stood at 265 BTC.
Source: Glassnode.
Bitcoin’s daily losses are not as severe as Ethereum, which fell by 9.79%. Yet the steepest drop among the top-10 was Chainlink, down 14.28%.
\n
In traditional markets, the week also opened with declines. At the time of writing, major European indices—DAX, FTSE and CAC—were down about 3% on average.
S&P 500-linked futures fell 2.61%, but the dollar index rose about 0.7% against other major currencies.
TradingView: Major currency indices.
\n
As CoinDesk analysts note, investors may have been alarmed by rising coronavirus infections in Europe. The sell-off in equities is linked to fears of a fresh economic downturn. As the dollar rises, investors may continue to flee risky assets.
\n
Earlier, some analysts stated that miners’ selling of bitcoins would not stop the market from rising, although it could lead to a price correction.
\n
Subscribe to ForkLog’s updates on Facebook!