Bitcoin retraced below $57,000 after a brief rally, signaling a 'sell-on-rise' sentiment amid a sluggish crypto market. With concerns over a U.S. recession and decreased risk appetite, Bitcoin's peak above $65,000 in August dwindled.
Concurrently, Blockstream Mining announced a third investment round for its tokenized note. Meanwhile, Bitcoin exchange reserves hit a 2018 low as investors move towards self-custody options.
Transaction volumes dropped by 30% in six months due to stagnant prices, prompting long-term buying opportunities. Bitcoin ETFs faced losses alongside a crypto price dip and substantial liquidations, reflecting heightened market volatility and decreased miner profits.
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