The iShares Bitcoin Trust (IBIT) struggled again today. It is now down 15.84% over the past 5 days and off 0.74% in the year-to-date.
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According to TipRanks’ technical analysis, the IBIT is now at a Sell consensus based on 15 Bearish, 2 Neutral and 5 Bullish ratings.
Based on the activity of 828,551 investors in the recent quarter, it has scored a below sector-average very negative sentiment. Those investors aged between 35 and 55 have been the most active buyers.
In total, 1.9% of all portfolios hold IBIT.
Today’s IBIT Performance
Today, the IBIT was down 4.27% at $50.43 in late trading. The main drag was the price of Bitcoin, which dropped 4.32% to $88,901.
Vetle Lunde, head of research at K33, said that the current drawdown in Bitcoin — nearly 30% in 43 days — ranks among the worst compared to the seven corrections that lasted over 50 days since March 2017.
Danni Hewson, head of financial analysis at AJ Bell, added: “The 30% drop in bitcoin in a matter of weeks is a salutary reminder why the cryptocurrency isn’t a safe port in a storm. Volatility is part of its DNA seeing as its price is so heavily influenced by sentiment, and the risk in a crypto sell-off is that investors think they better get to the exit doors first, exacerbating the downdraft. We may see some stabilisation in the bitcoin price at some point, but we’re not there yet.”
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