“[The crypto rally] just got a little bit extended, this is a healthy retracement,” Tam, who is also chief executive officer of the Hong Kong-based firm, said, as quoted by Fortune. “There’s quite a lot of volume going through, this is normal Bitcoin volatility. At the end of the day it still doesn’t take a lot of money to move these markets compared with traditional markets.”
Tam also pointed to headwinds from the wider sell-off in global markets as being another factor adding to the selling pressure.
In today’s trading, the Bitcoin price stood at $7,964.18, as of 10:00 BST. The digital coin has lost 6.4% of its value in the past 24 hours. Its total market capitalisation currently stands at $141.3 billion, which represents 55.8% of the combined value of all digital currencies.
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