Bitcoin

Spot

In a recent development, FomoChain, a cryptocurrency analysis company, reported a significant event that caused volatility in the Bitcoin market. 
According to the analysis company's statement, a mysterious whale sent 11,739 BTC worth $490.45 million to the cryptocurrency exchange Coinbase. Following the transfer, the BTC price immediately dropped by 1.22%. Although transfers to cryptocurrency exchanges often mean sales, it is not known what transactions this whale made. 
BTC, which was around $42,200 before the decline, dropped to $41,375 with the decline. 
<img decoding="async" class="alignnone size-full wp-image-132439" src="https://www.bitcoinsistemi.com/wp-content/uploads/2024/01/BTCUSD_2024-01-18_21-33-40.png" alt="" width="1342" height="792"> 
Related News: <a href="https://en.bitcoinsistemi.com/blackrock-senior-executive-speaks-about-bitcoin-and-spot-etf/" target="_blank" rel="dofollow">BlackRock Senior Executive Speaks About Bitcoin and Spot ETF</a> 
The whale wallet in question was a fresh account created recently. Before the transfer, he had been buying BTC continuously for the last two days. 
Recently, BTC price has been in a downward trend despite the spot ETF approvals last week. The main reason for this decline is thought to be Grayscale's GBTC product, which again turned into a spot ETF. Investors who previously purchased this product, which operated as a trust, sell their shares after the approval of the spot ETF. 
*This is not investment advice. 
 Continue Reading: <a href="https://en.bitcoinsistemi.com/sudden-decline-in-bitcoin-price-heres-the-reason-for-the-drop/">Sudden Decline in Bitcoin Price – Here’s the Reason for the Drop</a>

Sudden Decline in Bitcoin Price – Here’s the Reason for the Drop

Bitcoin Sistemi EN

Other articles published on Jan 18, 2024

Bitcoin’s Price Downtrend Persists Despite Recent Win for ETF Providers

Bank of America (BofA) CEO Discusses Potential Fed Rate Cuts and the US Economy

Price Prediction for Celestia (TIA) Amidst Market Optimism — NuggetRush (NUGX) Emerges as Analyst...

Arthur Hayes backs Solana; Redditors exploring Dogecoin rival

Forbes launches Connect Wallet, signaling web3’s mainstream aspirations

Advantages of DeFi (Decentralized vs. Centralized Exchanges)

Join our free newsletter for daily crypto updates!