The past few days have seen short-term holders of bitcoin panic and sell their holdings as the price dropped below $70,000. On Thursday alone, over $2 billion worth of bitcoin was sent to exchanges at a loss, the most since August. However, short-term holders also sent over $6 billion worth of bitcoin to exchanges at a profit in the past three days, taking advantage of gains before the month end. Factors contributing to the drop may include a nearing US presidential election and a significant drop in the US stock market. Analysts believe that bitcoin may not reach new all-time highs until after the election results are known.



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