Bitcoin Plunges 7.4%, Long-Term Holder Sell-Off Drives Market Downturn

Bitcoin’s price plummeted by 7.4% as significant sell-offs by long-term holders triggered a market imbalance and sent the cryptocurrency below $100,000. Arthur Hayes labeled this recent decline as classic capitulation, while Michael Saylor emphasized his unwavering long-term conviction in Bitcoin. According to reports, the price has dropped to approximately $102,382.25, fueled by a surge in selling pressure from short-term investors and spot market activity. Market volatility is heightened, prompting regulatory bodies like the SEC to closely monitor market activity.