Bitcoin slips 10% in 24 hours, price below $45K
After continue to failing and reclaiming the $50,000 level, BTC faces renewed selling pressure in the short term.
Bitcoin price slipped below $45,000 for the second time in four days, raising the specter of a deeper short-term correction for the flagship digital currency.
Bitcoin falling much lower to $43,000 as of now, trading around $42,800, with over 10% down in the last 24 hour and down more than 26% over 7 days, according to data from CoinMarektCap.
BTC selloff contributed to a market-wide correction for crypto assets, as ETH fell 11%, DOT declined over 15% and BNB is also edged down nearly 10%.
The market sentiment towards cryptocurrencies has soured in recent days after Tesla announced that it is no longer accepting Bitcoin payments for its automobiles. In addition, Headlines about a possible investigation into Binance by the United States Justice Department have also raised concerns about a potential regulatory backlash.
Despite all the noise in the market, institutions are accumulating Bitcoin with ever-growing conviction, offering compelling evidence that the bull market is far from over.
Bitcoin Treasuries, which tracks corporate and institutional exposure to BTC, reported that institutions have assembled 215,000 Bitcoin in the past 30 days, equivalent to approximately $10 billion. As Bitcoin Treasuries reported on May 12, MicroStrategy’s BTC reserve value has grown by 2.3 times.
In recent times, corporations with Bitcoin on their balance sheets have generated a significant return on investment. The value of Square’s Bitcoin stash is up 2.1 times. Riot Blockchain’s holdings have increased in value by 9 times. However, these figures have declined slightly amid the latest market correction.