Pro traders adopt a hands-off approach as Bitcoin price explores new lows
Bitcoin’s (BTC) current 20% drop over the past four days has put the price at its lowest level in nine months and while these movements might seem extraordinary, quite a number of large listed companies and commodities faced a similar correction. For example, corrected 15.5% in four days and nickel futures traded down 8% on May 9.
Other casualties of the correction include multiple $10 billion and higher market capitalization companies that are listed at U.S. stock exchanges. Bill.com (BILL) traded down 30%, while Cloudflare (NYSE:) presented a 25.4% price correction. Dish Network (NASDAQ:) also faced a 25.1% drop and Ubiquiti’s (UI) price declined by 20.4%.
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