fell for a second day to start the new month and quarter, amid rising Treasury yields and strength in the U.S. dollar.
The flagship cryptocurrency fell more than 5% on Tuesday to $65,747.74, bringing its two-day loss to about 7%, according to Coin Metrics. The slide began Monday, after data showed growth in the manufacturing sector for the first time since September 2022 and investor bets on June rate cuts began to cool. It's now off its all-time high, reached on March 14, by about 11%.
Bitcoin's move may have been exacerbated by a large bitcoin holder, or "whale," who transferred more than 4,000 bitcoin to the Bitfinex exchange late Monday night. Data from CryptoQuant shows a spike in that exchange's reserves, which typically signals a boost in selling activity, that coincides with the sudden drop in bitcoin price late Monday night.and related stocks – particularly mining stocks.
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