Bitcoin’s price dropped as much as 10% during early trading hours on Tuesday as bitcoin miners started selling a large amount of the cryptocurrency for the first time since October. There is not enough demand to absorb the additional coins on the market because institutions want an idea of how the new Biden Administration will view bitcoin and other cryptocurrencies.
At the press time, bitcoin was trading at $32,254.59, down 3.04% in the past 24 hours, according to CoinDesk’s BPI. The price went as low as nearly $30,000 after markets opened in the U.S. on Tuesday.
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