A Redditor claims that the recent collapse of the Bitcoin price was caused by a gargantuan Bitcoin transaction when a whale sent $1.2 bln in Bitcoin from their wallet to a crypto exchange and then sold it.
Overall, $5.3 bln in Bitcoin was transferred over the past 24 hours.
Redditor says, a Bitcoin transaction is the cause of the BTC price fall
The screenshot provided by the Redditor comes from the bytetree.com analytical website and it shows that on Tuesday, around 3 p.m. BTS, somebody transferred a whopping $1.2 bln in Bitcoin to an exchange.
The officials of the website have left their comments under the Reddit post, saying:
Gradual build up of sells, minimal buys. Big on-chain movement of $1.2bn at 3pm BST correlates to accelerating fall in price (as the order book is eaten up). It looks like this was "the tipping point" that triggered short term panic. The chart shows price vs. tx volume over the past 32hrs.”
In this case it looks like large transfers are made from wallets into an exchange, and subsequently sold. Exchange flags coming soon to improve visibility on this.”
Bitcoin hashrate come back to normal
After yesterday’s reports on Bitcoin’s hashrate dropping by 40 percent, now the BTC hashrate seems to have gone back to its previous figure.
This was confirmed by eToro’s chief analyst Mati Greenspan and a crypto trader @CryptoMichNL.
Some have cited the drop of the hashrate as one of the two major reasons for the Bitcoin price fall, the other one was the launch of Bitcoin futures trading on Bakkt which has not been very successful yet.