Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Coinbase a major crypto platform lately sent out a tweet that has attracted the crypto community.
Bitcoin, the first and largest cryptocurrency by market cap slipped below $114,000 to test a low of $112,555 early wednesday.
The drop comes as short term holders funnel their assets to crypto exchanges with 50,026 BTC worth nearly $5.69 billion moved to exchanges at a loss by short term bitcoin holders in just two days.
According to Maartunn, a community analyst at CryptoQuant, this marks one of the heaviest loss-driven moves in weeks. Macroeconomic uncertainty around interest rate cuts had contributed to the drop with the markets awaiting what comes next.
The Fed’s annual economic symposium in Jackson Hole, Wyoming is currently underway with Fed Chairman Jerome Powell scheduled to make his address on Friday.
Coinbase issues 1 BTC tweet
Around the time of writing, Bitcoin was trading down 2.05% in the last 24 hours to $113,269, extending its drop from all time high of $124,533 reached on August 14 2023. The cryptocurrency is down nearly 7% weekly .
Amid the ongoing sentiment in the market, major cryptoexchange Coinbase has issued a Bitcoin related tweet. In its tweet, Coinbase wrote: "1 BTC =1 BTC" imply that the value of Bitcoin remains constant no matter what. The market will watch where Bitcoin goes next with the support at $112,000 being monitored. Meanwhile the next resistance lies slightly above $116,000.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team