Investing.com – Bitcoin fell below $8,000 Thursday, after hitting a 10-month high as data showed ongoing profit taking in the popular cryptocurrency.
Bitcoin () fell 4.23% to $7,890.70 after hitting a high of $8,293.30.
Capital outflows from major crypto exchanges have exceeded inflows by about $622 million over the past five days, Bloomberg reported on Wednesday, citing data from TokenAnalyst. The dour data comes as many have suggested that any sustained move higher would benefit from the return of retail investors, who were largely responsible for sparking the previous bull cycle in Bitcoin.
Despite the pause, Bitcoin remains on course for a seventh-straight weekly win, with some touting further room for gains.
Long-term fundamentals, as well as medium-term monetary policies, all contribute to a bullish environment for Bitcoin, according to Max Keiser, host of the Keiser Report, who maintained his $100,000 price target.
As the rally in Bitcoin stalls, traders have seemingly backed other lower-market-cap cryptos, with Ether and Stellar, but fell.
rose 10.51% to $265.44, rose 11.13% and XRP fell 4.2% to $0.41.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.