Why Did Bitcoin Whales Sell $100M of Crypto?



The cryptocurrency world is both anonymous and highly transparent, as blockchains account for all transactions in an open, decentralized and public ledger. For those reasons, when a price shift takes place, analysts are able to look back through transaction histories to determine potential causes for those fluctuations.


Yesterday, bitcoin fell by roughly $200 in under 20 minutes. Even in the highly volatile world of cryptocurrencies, this shift was large enough for analysts to take notice. Now, Market Watch suggests that the change in global price may have been due to some actions by major owners of bitcoin, based on transactions from some of the largest wallets.


One of the largest bitcoin wallets in the world, known only by its anonymous name consisting of seemingly arbitrary letters and numbers, is valued at nearly $1.5 billion. The balance of this account fell by 6,500 bitcoin Tuesday, meaning that it sold off just over $50 million worth of the cryptocurrency. Another bitcoin whale sold off 6,600 bitcoin the day before. Together, the two owners dumped more than $100 million worth of the largest digital currency by market cap in a 24-hour period.


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