Tsunami hits Bitcoin, drops $2,000

The world’s flagship crypto, Bitcoin, lost over $2,000 some minutes ago after reaching as high as $34,500 amid record selling pressure prevailing at the world’s flagship crypto market.

At the time of writing, Bitcoin traded at $32,523.75 on Bitstamp with a daily trading volume of $81.9 Billion. Bitcoin is down 0.70% for the day.

It’s key to note today marks the flagship crypto birthday, as it was this date on which Bitcoin over a decade ago officially came into existence in the practical sense and was mined for the very first time.

In an interview with BBC World News today, Galaxy Digital founder and CEO Mike Novogratz gave keynotes on why bitcoin is relatively having a bullish run.

Now we’re seeing places like PayPal — at 340 million customers — servicing Bitcoin and selling Bitcoin [along with] big insurance companies in the United States,” said Novogratz. “As the institutions move in, there just is not a lot of supply […] There are a lot more than 21 million millionaires out there.”