Bitcoin has broken a major support level to fall below the $10,000 into the units of thousands arena. At the time of writing, bitcoin is trading at $9,700 area. Bitcoin maintains the first spot of the top cryptocurrencies and by market capitalization. With a daily trading volume of $53.55 billion, BTC is seen to have a market dominance of around 69%.
Bitcoin fell drastically from the $10,250 area to its current price of $9750 within the hour, shedding around $500 which represents around 5% change.
Bitcoin Price Slips to $9,750
The most popular cryptocurrency had been in a bearish trend since touching near $14,000 on June 26, suffering several major sell-offs en route to today’s plunge, which thrust BTC down to $9,750 on Bitstamp. Bitcoin price has now fallen nearly $4,000 below its year-to-date high – a high it set less than about two months ago. That works out to a 60-day decline of around 30%.
1400 BTC Moved from Coinbase To Unknown Wallet
This rapid price fall comes after a major BTC transaction took place on Coinbase. Hours before the emergence of this dip, around 1,400 Bitcoins (BTC) was seen to have been moved from Coinbase to an unknown wallet. According to Whale alert on Twitter, 1400 BTC was moved from Coinbase to an Unknown wallet. The tweet also provided transaction history.
— Whale Alert (@whale_alert) August 28, 2019
Do you think this bitcoin price fall is temporary or this could be the beginning of a major bearish season? Let us know in the comment.
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Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
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