The leading cryptocurrency Bitcoin (BTC) has lost value rapidly in the last 24 hours, falling to the level of 26 thousand dollars. Experts point to Binance whales for the reason behind it! So, why is the Bitcoin price really falling? Here are the details…
Bitcoin price crashed quickly within 24 hours! So why?
As reported by Kriptokoin.com, the leading cryptocurrency Bitcoin (BTC) has faced great declines in its price in the last 24 hours. Although it is perfectly normal to see sharp market fluctuations and spikes, Glassnode data worries investors. Blockchain analysis platform Glassnode reported that $ 120 million worth of Bitcoin has been released in the last 24 hours. While this may not seem like a huge amount compared to Bitcoin’s overall market cap, the selling pressure came mainly from Binance whales and this could have significant effects on the overall market.
Commenting on the recent sell transactions, experts state that when Binance whales start to abandon Bitcoin, it may have a ripple effect on the rest of the market. According to Glassnode, most of the selling pressure that led to yesterday’s drop in Bitcoin’s price came from Binance whales. One of the main concerns raised by this news is the illiquidity of the Bitcoin market. While $120 million isn’t a huge amount on a grand scale, the Bitcoin market is relatively small compared to traditional assets like stocks and bonds. As a result, according to experts, even a relatively small sale can lead to aggressive movements in Bitcoin’s price.
On the other hand, pointing to the 8 percent decline experienced at the beginning of the week, analysts said that this caused a liquidation wave. This has created a domino effect for many investors, causing significant price fluctuations in leveraged positions. Selling pressure and the recent trading of Binance whales led to the drop in the day. On the other hand, experts say that most of the selling pressure comes from Binance whales, which may mean that the rest of the market may not be so affected. However, experts still recommend keeping a close eye on Bitcoin price.
Market faces big exits
In the last 24 hours, the total value of the crypto money market has seen a net outflow of $ 30 billion, and instantly fell from $ 1.13 trillion to $ 1.10 trillion. While the Bitcoin market cap instantly regressed to $511 billion, the ETH market value is $214 billion. While the top 10 cryptocurrencies all faced a drop within 24 hours, BTC and ETH are among the top 10 cryptocurrencies to lead the exits, with the exception of XRP, Cardano and DOGE, which have maxed out gains.
Meanwhile, Tether (USDT) market cap rose to $82.77 billion, while USDC and BUSD fell to $29.98 billion and $5.70 billion, respectively.
The price has fallen after the predictions of successful Bitcoin analyst Peter Brandt
On the other hand, Peter Brandt, one of the well-known names in the crypto money market, tweeted that he detected a Head and Shoulder formation on the Bitcoin chart in his analysis the other day. The expert has been more successful in a prediction by predicting a decrease for the Bitcoin price if this formation is completed. However, since May 10, the Bitcoin price has lost 7% of its value.
A head and shoulders should be taken seriously if it is completed $BTC pic.twitter.com/n5ZiLasmUC
— Peter Brandt (@PeterLBrandt) May 11, 2023
Instantly, the leading cryptocurrency Bitcoin price is trading at $ 26,448.75. The market value of Bitcoin, which has lost more than 4 percent in the last 24 hours, is at the level of 511 billion dollars.
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