Bitcoin Narrowly Escapes Sell-Off after Druckenmiller’s Endorsement

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A bearish coup of the Bitcoin market this Monday met with a strong bullish defense influenced by a billionaire investor. The flagship cryptocurrency rebounded modestly following a sell-off attempt that crashed the price from as high as $15,856 to as low as $14,817. Entering the Asian hours of the Tuesday trading session, BTC/USD recouped a portion of its losses by establishing an intraday high near $15,459. Whale Talks The pair immediately retraced from its short-term downtrend after Stanley Druckenmiller, CEO of the Duquesne Family Office, praised Bitcoin during his interview with CNBC’s “The Exchange.” He referred to the cryptocurrency as a store-of-value asset with a lot of appeal among the Millennials. “It’s been around for 13 years [correction: 12], and with each passing day, it picks up more of its stabilization,” Mr. Druckenmiller added. His statement came when Bitcoin was trading lower. The cryptocurrency plunged on Monday after Pfizer’s COVID-19…

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