Bitcoin falls below $70,000, triggering panic selling among short-term holders

Bitcoin fell below $70,000 on Thursday, triggering panic selling by short-term holders (STH). On the same day, short-term holders transferred about $2.3 billion worth of Bitcoin (about 32,000 BTC) to exchanges at a loss, which was the largest single-day loss transfer since the yen carry trade was unwound on August 5. At the same time, short-term holders have cashed out part of their profits by transferring more than $6 billion of Bitcoin to exchanges at a profit in the past three days. Analysts pointed out that the US presidential election will be held on November 5, and investors are likely to reduce their risk exposure, which they often do on the last day of the month. (CoinDesk)