The iShares Bitcoin Trust (IBIT) had a short but positive, day. It is now down 0.56% over the past 5 days and off 3.81% in the year-to-date.
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According to TipRanks’ technical analysis, the IBIT is now at a Sell consensus based on 12 Bearish, 6 Neutral and 4 Bullish ratings.
Based on the activity of 830,069 investors in the recent quarter, it has scored a below sector-average negative sentiment. Those investors aged under 35 have been the most active buyers.
In total, 1.9% of all portfolios hold IBIT.
Today’s IBIT Performance
Today, the IBIT was up 0.98% at $51.53. Bitcoin was down 0.62% at 90,760.48.
It came as U.S. economist and Nobel laureate Paul Krugman claimed that the recent drop in Bitcoin has turned it into a “[U.S. President Donald] Trump trade.” As reported by Bitcoin.com he suggests that this decline reflects the U.S. leader’s diminishing dominance over the Republican party.
Other drivers for the decline have been growing uncertainty over the state of the U.S. economy and whether the Federal Reserve will cut interest rates again in December.
Let’s see what shape Bitcoin is in after the Thanksgiving festivities are over.
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