Backtracking on Bitcoin — February 23

Chart of the Day

The biggest ever single-day fall on Feb. 22, 14:00 UTC saw a cumulative loss of $13.6 billion in Bitcoin among 41 institutions and companies. However, shortly after the violent price drop,the number of on-chain withdrawals from exchanges reached a 3-year high, signaling a stronger HODLing tendency despite wide price fluctuations.

Talk of the Town

Backtracking on Bitcoin? BTC’s recent rally appears to have hit a speed bump, owing in part to Elon Musk’s tweet hinting towards its excessive price and Treasury Secretary Janet Yellen’s warning against its stability. Yellen has been a vocal Bitcoin antagonist, and has, on several occasions, given a tough talk on the potential misuse of cryptocurrencies. Meanwhile, the U.S. 10-year Treasury yield rising above 1.36% might have played its part in tanking the price of BTC. The last time U.S. 10-year Treasury yields shattered a key psychological level, a wave of panic swept through the crypto markets, leading to a 20% plunge in BTC price.