Bitcoin

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<a href="https://u.today/bitcoin-btc-price-pump-potential-outlined-by-bloomberg-strategist" rel="noopener noreferrer nofollow">Bitcoin</a>, the biggest cryptocurrency by market capitalization, fell from nearly $29,000 to as low as $25,234 in 24 hours before recovering marginally in early Friday trading. According to Coinglass data, more than $1 billion in positions were liquidated during the sell-off. 
The amount of Bitcoin liquidation was the highest for a single day since the June 2022 market upheaval. 
The Wall Street Journal reported, citing documents, that Elon Musk's SpaceX has sold off its Bitcoin assets after writing down $373 million. The journal report does not specify when SpaceX sold its Bitcoin, so this remains speculation. 
<h2 id="this-might-be-key-reason-why-bitcoin-fell">This might be key reason why Bitcoin fell</h2> 
On-chain analytics firm <a href="https://twitter.com/santimentfeed/status/1692336411150852211" rel="noopener noreferrer nofollow">Santiment</a> gives a likely reason for Bitcoin's drop. Santiment observes that Bitcoin whale transactions rose to their highest in over a month, and this trend started well before the big drop. 
<blockquote class="twitter-tweet"> 
 🐳 The dust has far from settled after <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#crypto</a> markets had one of its sharpest price drops of 2023. We are seeing a large amount of $1M+ <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> transactions, indicating whales are very active on this dump. But the amount of large wallets is not falling. 👍 <a href="https://t.co/WtXYUPdFOf" rel="noopener noreferrer nofollow">https://t.co/WtXYUPdFOf</a> <a href="https://t.co/gdrbUD1wFO" rel="noopener noreferrer nofollow">pic.twitter.com/gdrbUD1wFO</a>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1692336411150852211?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 18, 2023</a> 
</blockquote> 
This implies that whales were very active in this drop, as Santiment noted in a tweet. 
Santiment wrote in a graphic attached to its tweet that "Bitcoin whale transactions soared to a month high today, and they started before the big drop. &nbsp;The amount of BTC $1 million transactions began surging before and during the dump down below $26,600." 
The on-chain data platform stated this in a tweet: "The dust has far from settled after crypto markets had one of its sharpest price drops of 2023. We are seeing a large amount of $1 million+ BTC transactions, indicating whales are very active on this dump. But the number of large wallets is not falling." 
Santiment noted that the number of addresses holding over 10 <a href="https://u.today/bitcoin-btc-here-are-three-potential-catalysts-for-breakout" rel="noopener noreferrer nofollow">BTC</a> remained high despite the dump. 
At the time of writing, Bitcoin remains down 7.27% in the last 24 hours to $26,431. Currently, Bitcoin traders are concentrating on the $25,000 mark, below which options positioning signals another wave of liquidations may occur.

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