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Bitcoin Drops 3%, Here's What Preceded This Fall

Published 2023-05-19, 07:26 a/m
© Reuters. Bitcoin Drops 3%, Here's What Preceded This Fall
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U.Today - "Smart Money" tracking service @lookonchain has shown a possible reason for the recent . This was a whale who moved a large amount of BTC to a major exchange.

Curiously, over the past 24 hours, miners have also sold a large amount of Bitcoin, according to another source.

Bitcoin price drops after this whale moves BTC

On May 18, the flagship cryptocurrency printed several red candles, one of them pretty big, which took the price down 3.25%. The aforementioned source stated that after this, Bitcoin plunged, hitting the $26,500 zone.

The whale transferred 1,750 BTC to Binance — this is worth $48 million. @lookonchain stated that when the same wallet moved 5,791 BTC (the equivalent of $163 million), the price of Bitcoin also went down substantially.

The amount of BTC sold by the wallet mentioned above strangely coincides with the BTC chunk sold by miners on Thursday.

Miners dump big chunk of Bitcoin

Crypto analyst Ali Martinez has tweeted that within the past 24 hours, Bitcoin miners have dumped roughly 2,000 BTC on the market; this is around $54 million in USD equivalent.

Currently, the Bitcoin Miner Reserve stands at 1.825 million BTC.

Bitcoin gradually recovers

After the aforementioned 3% drop, the leading digital currency has regained 1.38% of that loss. At the time of this writing, Bitcoin is on the Bitstamp exchange.

This article was originally published on U.Today

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