Bitcoin Cash BCH/USD and Ethereum Classic ETC/USD are trading lower by 6% to $419.68 and 4.9% to $39.87 during Tuesday’s session. Shares of several crypto-related stocks and altcoins are trading lower amid Bitcoin pulling back following a new all-time high.
Bitcoin often serves as a bellwether for the broader cryptocurrency market. When Bitcoin experiences a significant pullback after reaching a new all-time high, it can lead to negative sentiment across the entire market, causing other cryptocurrencies like Bitcoin Cash and Ethereum Classic to also decline in value.
Some investors may also engage in speculative trading, hoping to profit from short-term price movements in cryptocurrencies like Bitcoin, Bitcoin Cash, and Ethereum Classic. When Bitcoin experiences a pullback after reaching a new all-time high, traders may sell off their positions in other cryptocurrencies to lock in profits or minimize losses, contributing to a decline in their prices.
What’s Going On?
Bitcoin’s price surged to nearly $69,000, flirting with its previous all-time high reached in November 2021. The increase in value has sparked predictions from industry experts, who attribute it to factors such as heightened demand from institutional investors and the introduction of Bitcoin exchange-traded funds (ETFs). Different platforms reported slightly varied price calculations for Bitcoin.
“Bitcoin has crossed the chasm between retail and professional investors,” said Matthew Hougan, CIO of Bitwise Asset Management…Read More
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