Bitcoin slips 4% as rally stalls just shy of $60,000 resistance level

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

A decline in bitcoin of more than 4% transpired on Wednesday as the cryptocurrency continued to meet resistance at the $60,000 level. Sellers outweighed buyers of bitcoin near $60,000, and the selling spilled over to other cryptocurrencies like ethereum, litecoin, and XRP, which were down 6%, 8% and 13% respectively as of Wednesday morning. Despite the back and forth in bitcoin on Wednesday, institutions and corporations have been driving more demand for the cryptocurrency, helping drive the overall market value of cryptos to more than $2 trillion. MicroStrategy continues to add bitcoin to its balance sheet, Wall Street banks like Goldman Sachs and Morgan Stanley are enabling its clients to gain exposure to bitcoin, and corporations like PayPal, Mastercard, Starbucks, and Tesla are beginning to accept bitcoin as a form of payment. But it will likely take more buying pressure for bitcoin to break above its all-time high of more than $61,000 reached in mid-March. Since hitting those highs, bitcoin has traded mostly sideways...read more...