Bitcoin is the main cryptocurrency whose current value is more than 65 thousand dollars. The crypto world began its bull market in October 2023, the momentum of which has seen BTC appreciate by 158% from October 16 to March 2024, going from $26,000 to just over $68,000 on the 7th of this month. .
The last time BTC had been above $68k It was in November 2021, the date when a bear market began that led the main cryptocurrency to be quoted at up to 16 thousand dollars. Despite the volatility of this market, many investors continue to bet on it with a view to increasing their capital, or getting more BTC and other altcoins for their future.
They sell Bitcoin worth 69 million dollars
Because many investors who had Bitcoin were looking to sell when this crypto hit its maximum level, the value of that digital asset once it managed to reach more than 69 thousand dollars fell by more than 15%.
In the graphs of multiple cryptocurrency analyst firms and in the movement history of several digital wallets, several bitcoin holders who were mined from very old blocks sold massively. From CryptoQuant movements of up to 69 million dollarstransferred from Coinbase, one of the largest exchanges.
According to what the firm claims, the addresses had more than a decade old and that the movements belonged to miners. “Considering that the exchange order book shows between 5 and 10 bitcoins of liquidity for every $100 price change, a sale of 1,000 bitcoins is very likely to trigger a significant price drop,” said analyst Bradley Park. by CryptoQuant.
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Bitcoin price in 2014
In 2014 Bitcoin It was trading below $350 per coin. In that year, according to the annual graph, it remained in a price range between 281 and 994 dollars, that is, those who sold coins that they acquired a decade ago obtained a profit of between 68,719 and 68,006 dollars.
Park has compared the situation specifically when Covid was beginning to be worrying. According to the analyst, this influx of exchanges reminds him of the increase that occurred just before the 40% drop in its value on March 12, 2020, at which time the pandemic was beginning to worsen.
Massive sales affect the price of Bitcoin
These sales have triggered large-scale liquidations for those holding leveraged long positions, with settlements worth more than $1 billion registered only on Binance, according to trading company QCP Group.
Despite the many stories of lost bitcoins, it is not very common to see how users who have owned cryptocurrencies since 2010 liquidate such amounts of money. These large liquidations logically have influenced the price of bitcoin and will continue to influence over the coming months, which is why many users are taking advantage of it to sell what they have.
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2024-04-04 22:17:06
