What are the reasons for the decline of Bitcoin and its fall below 20 thousand dollars?
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Answer What are the reasons for the decline of Bitcoin and its fall below 20 thousand dollars?
Bitcoin, the world’s largest cryptocurrency, has fallen to touch the $18.6 thousand price level in the past three months.
The market showed some resistance yesterday.
However, the heavy selling shook the entire crypto market.
Why did bitcoin prices fall?
According to experts, the number of whales depositing their bitcoins on exchanges has increased dramatically.
The data indicates that about 90% of deposits in trading platforms were from whales.
Mention Ki Young Ju, CEO of Cryptoquant, said that about 15,000 bitcoins have been transferred over the past ten days.Read:Will Bitcoin decline to close the price gap at $9665?
Some of them were sent to crypto exchange Kraken.
In a report, an expert stated that the $20,000 level was the iconic level for Bitcoin as it was the highest price during the 2017 bull market.
However, bitcoin prices are down about 6% in the past 24 hours.
Experts reported that just before the bitcoin price fell, the exchange rate of whales rose.
The sharp rise indicates that whales are actively depositing bitcoins on exchanges.
He added that the percentage is still high and growing.
This is a troubling issue but it still reflects bear market behaviour.
Deposit in trading platforms is on the rise, as the global crypto market recorded liquidation of more than 360 million dollars in the last 24 hours.
Coinglass reports that the largest single liquidation on Okex has been recorded at $2.57 million.
According to the data, more than $125.6 million of Bitcoin has been liquidated in the past 24 hours.Read:The crypto community was angry after the recent decision of the Binance platform!
Bitcoin is currently trading at an average price of $19,300, at the time of writing this article.
The 24-hour trading volume jumped 10% to $39.9 billion.
The crypto market is also down over 4% over the past day.
The total value of the crypto market is now $948 billion.
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