BTC price dips 1% on Wall Street open as Bitcoin miners worry analysts
Bitcoin (BTC) saw a fresh hint of volatility at the Dec. 27 Wall Street open as United States equities began the final trading week of the year.
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it dropped around 1% at the opening bell.
Despite involving a move of only $150, the event was still noticeable on lower timeframes, Bitcoin having shunned any form of volatility for multiple days.
The move came in response to a 0.6% drop in the S&P 500 at the open, with the Nasdaq Composite Index dropping 1.4%.
The U.S. Dollar Index (DXY) responded in kind, making up for ground lost earlier to return to its position from Dec. 25.
With BTC moves still comparatively muted, analysts’ attention focused on potential catalysts, with BNB (BNB) still a source of concern amid ongoing “FUD” over its issuer, the largest global crypto exchange, Binance.
“The biggest risk to the Crypto market is BNB,” Matthew Hyland reiterated on Dec. 26.
BNB/USD still traded above the $240 mark on the day, this featuring as an important line in the sand for bulls to maintain.
Outside crypto, news that China would end COVID-19 quarantine for international arrivals from Jan. 8 failed to have a significant impact on risk asset performance.
Elsewhere, worries still focused on Bitcoin miners, with opinions diverging over the impact of current price action on their activities.
Related: Bitcoin hodlers sit on record 8M BTC in unrealized loss, data shows
Analyzing the popular hash ribbons metric, Charles Edwards, CEO of asset manager Capriole, had a stark warning.
“This is by far the most brutal Bitcoin miner capitulation since 2016 and possibly ever,” he declared.
As Cointelegraph reported, in the opposite camp, former BitMEX CEO Arthur Hayes previously
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