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© Reuters
Investing.com – slumped after hitting an all-time record on Tuesday as investors appeared to take some profit from the popular cryptocurrency’s record rise, although sentiment remains bullish ahead of the all-important halving event.
Bitcoin () fell 8% to $61,682 after hitting an all-time high of $68,874 earlier on Tuesday.
The downward movement comes as some large investors, so-called “Bitcoin whales,” appear to be benefiting from the record run. Nevertheless, sentiment continues to be supported by expectations that BTC will see another rise ahead of the halving expected in April.
A halvening event occurs approximately every four years, halving the number of Bitcoins in circulation. Halving events in 2012, 2016, and 2020 preceded previous bull runs for BTC.
Bitcoin’s record high followed the launch of a spot Bitcoin exchange-traded fund in January, boosting demand for the cryptocurrency among institutional investors. Recent data from BitMex Research showed Bitcoin ETFs in the US. hold almost 4% of all Bitcoins in circulation.
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