Bitcoin Sees Sharp Rejection at $48,000, Drops Nearly 5 Percent

What was shaping to be a big weekend for bulls ended up being a flash in the pan.

The largest cryptocurrency by market cap managed to reclaim the $48,000 level at 9:40 a.m. UTC on the Bitstamp exchange for the first since May 16.

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The price spike ended up being extremely short-lived. After facing a sharp rejection at $48,000, Bitcoin plunged by 4.5 percent within minutes.At press time, it is trading at the $46,300 level on major spot exchanges after paring some losses. 

Bitcoin spiked sharply higher on Aug. 13 after Bloomberg reported that the U.S. Treasury Department wouldn’t crack down on software developers, miners, stakers, and hardware sellers despite the $1 trillion infrastructure bill with the damning cryptocurrency tax provision clearing the U.S. Senate.

Yet, XRP, Cardano, and Dogecoin recording double-digit gains was a sign of growing market froth.


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