Bitcoin briefly plunges below $10,000

Bitcoin value has steadily decreased over the past three weeks, from $12,400 to hover around $10,000, which has led to an increase in “accumulation addresses” by a significant 2%, according to data published by Glassnode.

The new drop in the market value is characterized by investors as a typical bull market pullback, which occurs when “lots of new daily buyers are coming in to absorb supply,” Three Arrows Capital CEO Su Zhu explained in an interview with CoinDesk. In his tweet on Friday, Zhu expressed his optimistic expectations that the markets will “retrace one third or more in a bull market after local euphoria.”

On Monday, Bitcoin plunged 3.44% to go for $9,904.54 at 9:08 am ET, while Ethereum sank 7.38% selling for $326.85 two minutes later.

Breaking the News / AM

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