Bitcoin Faces ‘Sell-the-News’ Moment After Record High Set
- Nearly every Bitcoin buyer is now in profit, says one trader
- Traders remain bullish on Bitcoin’s price in the long term
The volatile price swings are the latest example of the boom or bust nature of Bitcoin.
Photographer: Paul Yeung/BloombergThis article is for subscribers only.
For a brief moment, nearly everyone who ever invested in Bitcoin was profitable. Now, with the cryptocurrency retreating from its still fresh record high, all are left to wonder how long they’ll be caught up in the “sell-the-news” trade that has followed.
The original digital asset tumbled as much as 14% after hitting an all-time high of $69,191 earlier Tuesday. More than $800 million worth of bullish positions have already been liquidated in the perpetual futures market with prices reversing, according to crypto data tracker Coinglass.