Bitcoin Price Plunged After $1.2 Bln Transfer in BTC to Crypto Exchange, Report Says

Libra Coin News
Wed, 09/25/2019 - 12:41
Yuri Molchan
A Reddit post says that yesterday’s Bitcoin price collapse may have been triggered by a massive BTC transaction from a private wallet to an exchange
Cover image via 123rf.com
Contents

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.

Image by Reddit

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.”

Related
Bitcoin Price Plunges but Crypto Experts Buying Deep: ‘This is the Last Time $BTC Will Be Under $10k’

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.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.


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