Frozen Fortunes: Bitcoin's Short-Term Gains Melt Away Amidst Cryptocurrency's Icy Decline
Jan 24, 2024
According to Bitfinex analysts, over half of the profits gained by short-term bitcoin holders have been erased, as major cryptocurrency tokens continued to decline due to institutional sales linked to recently launched exchange-traded funds (ETFs). Bitcoin's price, along with other tokens like Solana's SOL and Avalanche's AVAX, experienced more than a 20% decline in the past week. Notably, tokens within the Solana and Avalanche ecosystems, including BONK and JOE, faced even steeper drops of 10% and 12%, respectively, despite a previous meme coin-led revival in December that had driven their prices to a yearly high.