Bitcoin Crashes below the $40,000 Price level

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Bitcoin bears have grabbed the world’s most famous crypto in the past few hours, as it reportedly dropped by US$4,000. BTC had  traded at US$41,400 on Sunday afternoon, before rebounding marginally to about $38,200.

With a total daily exchange rate of $69 billion, Bitcoin was trading at $38,224.39 at the time of writing this post. So invariably it is down by 5.86 percent with a market cap of $711 billion at present.

The predominant bearish theme on the bitcoin market is mainly due to a considerable amount of profit-taking in play on the account of record highs experienced in the last few weeks.

The overall net realized profit of all coins moving on-chain was $5.5 billion yesterday alone.

#Bitcoin realized profits at record highs.

Yesterday alone, the total net realized profit of all coins moved on-chain was $5.5 billion.

Note that these represent BTC on-chain movements (comparing price at UTXO creation/spent times), not trades.

Chart: https://t.co/RtEUeu9VPa pic.twitter.com/nj3aJSnIWa

— glassnode (@glassnode) January 8, 2021