The cryptocurrency market is experiencing a downturn, causing Bitcoin’s price to drop below the $70,000 mark. The positive momentum gained after the elections has dissipated, leading to a sell-at-any-price trend in the market. Sentiment was further dampened by Gemini, a well-known crypto exchange, announcing the closure of some regional operations and staff reductions. Additionally, outflows from Bitcoin spot ETFs have increased, contributing to heightened market volatility. Gemini, a reputable platform facilitating the buying, selling, and storage of cryptocurrencies, scaling back its activities and workforce may undermine market confidence, especially amid ongoing global crypto fluctuations. While Bitcoin price volatility is common, the end of the post-election rally has raised investor concerns, increasing uncertainty and prompting many to reduce their positions. If this bearish trend persists, it could negatively impact other major cryptocurrencies as well. Investors are advised to exercise caution and closely monitor market conditions to avoid unexpected losses.
Source: coindesk
