Bitcoin was little changed, holding above the key psychological support level of $18,000 after a drop on Tuesday of more than $800, or 4.5%. But that decline was only the biggest in a week, in a reminder of just how volatile bitcoin prices can be.
The slide might have been triggered by blockchain data showing large cryptocurrency investors known as “whales” keeping sizable amounts of their bitcoin on exchanges, an indication that they could choose to sell at any time, Ki Young Yu, CEO of analytics firm CryptoQuant, told CoinDesk’s Sebastian Sinclair.
“An 80% increase in bitcoin price over only two months might be a profit too tempting not to take,” Lucas Huang, head of growth at decentralized exchange Tokenlon, told Sinclair.
In traditional markets, European shares rose and U.S. stock futures pointed to a higher open as a $916 billion U.S. stimulus proposal from the White House energized investor hopes for a year-end deal. Gold weakened 0.6% to $1,858 an ounce.
After First Mover on Tuesday mentioned a report featuring bitcoin from an investment-research division of Wells Fargo, a media representative for the giant U.S. bank invited us to attend a Zoom call later in the day for reporters mapping out the investing outlook for 2021.
We got a chance to hit the Wells Fargo Investment Institute analyst team with some of our favorite big-picture macroeconomic questions, such as how a secular shift toward remote-working might affect everything from the labor market to commercial real estate to oil and travel stocks.
“It touches every single asset class,” said Darrell Cronk, Wells Fargo’s chief investment officer for wealth and…
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