Bitcoin (BTC) broke below the immediate support at $31,000 today and that has resulted in selling across several major altcoins. Coincidently, the fresh push to the downside in Bitcoin has come a day after the much talked about unlocking of shares worth about 16,000 Bitcoin from the Grayscale Bitcoin Trust.

The sell-off in cryptocurrencies could also be due to the broader risk-off sentiment on concerns of rising Covid-19 cases. The Dow Jones Industrial Average dropped over 800 points on…