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After Soaring Over The Weekend, Bitcoin Starts The Week Off Down 5%

Emily Mason

Summary: After hitting the $11,200 price level over the weekend, Bitcoin is starting the week of Monday, September 21 down 5%.  At the time of writing Bitcoin is trading hands at $10,449. The downward turn started on Sunday when miners began transferring Bitcoin from their wallets to exchange wallets. 784 BTC was transferred from miners to ...

After hitting the $11,200 price level over the weekend, Bitcoin is starting the week of Monday, September 21 down 5%. 

At the time of writing Bitcoin is trading hands at $10,449. The downward turn started on Sunday when miners began transferring Bitcoin from their wallets to exchange wallets. 784 BTC was transferred from miners to exchanges, far exceeding the 30-day daily average outflow of 265 BTC reported by Glassnode data.

Popular commentator Luke Martin took to Twitter to reassure Bitcoin holders, arguing that BTC is undervalued on a 10 year time horizon even as the asset repeatedly faces price drops. He warned Bitcoiners to mentally prepare for what he predicts will be a volatile run to the top. 

By Emily Mason

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