All in all, though, the price action looked pretty tame – just another day spent in a now months-long range between about $36,000 and $48,000.
Meta, the entity formerly known as Facebook, released rough earnings, making many investors question the firm’s metaverse shift and weighing down heavy on metaverse majors.
Prices were naturally compressed and the whales took this as a chance to sell.
This correction gave retail investors a good chance to get into the market while distributing the holdings of bitcoin across many, not few, hands.
Bitcoin appears to be stabilizing after a 15% decline over the past two weeks.
Still, BTC has remained in a tight trading range around the $40,000 price level over the past few months.
On the weekly chart, BTC is holding long-term support above its 100-week moving average at $35,700.
The FBI claims North Korea is behind the more than $600 million theft of cryptocurrency from the Axie Infinity-linked Ronin bridge.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.
As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period.