Bitcoin enters afternoon adjustment due to profit taking selling

BTC, the selling pressure that started in the afternoon halted the rise and started to decline
Most altcoins recorded a decline of more than 5% following BTC
Experts continue to be 'optimistic' about the outlook for BTC despite the afternoon adjustment

Bitcoin (BTC), which had been soaring for the past few days, has entered an adjustment, declining in the afternoon.

Bitcoin has continued its recent upward trend based on the US presidential election, China's economic stimulus measures, and the liquidation of short (bearish) bets in the futures market. This week, Bitcoin recorded an increase of about 8%.

The reason for the decline in Bitcoin is again cited as profit-taking selling. Many investors are said to have started selling Bitcoin in an attempt to realize profits amid the sharp price increase.

As Bitcoin declined, altcoins also halted the upward trend they had maintained for the past few days and entered an adjustment. While a few 'lighter' altcoins with lower market capitalization rose, most altcoins recorded a decline of over 5% during the session.

◇Bitcoin = As of 4:30 pm on the 17th based on Upbit, the price of Bitcoin is 91.2 million won. Bitcoin's market share (dominance) was 58.79%.

Despite the adjustment in Bitcoin, the optimism of experts surrounding Bitcoin continued.

Brett Munster, an analyst at cryptocurrency investment firm Blockforce Capital, said, "Cryptocurrencies, including Bitcoin, have now set favorable conditions for price increases after adjusting their prices for 6 months," and "Liquidity is increasing globally, including in China."

Bloomberg reported that "Vice President Kamala Harris' plan to establish specific rules and guidelines for cryptocurrencies this week is also adding to the optimism about price increases."

◇Rising Coin = As of 4:30 pm on the 17th based on Upbit, the cryptocurrency that recorded the largest increase from the previous trading day was IQ, which rose about 13.10%.

IQ is the base currency of the 'Everipedia' blockchain-based wiki project. Everipedia is an open encyclopedia service where anyone can freely write and edit articles on specific topics.

In Everipedia, article writers pledge their IQ tokens as collateral, unlike existing open encyclopedia services.

◇Fear-Greed Index = The Cryptocurrency Fear-Greed Index provided by Alternative is at 71 points, entering the 'Greed' stage. The Greed stage is a period of high price volatility and trading volume, where prices are rising. There is a high possibility of forming a short-term peak, so caution is required when selling.