This Can Be Major Reason Behind Bitcoin Price Fall
Bitcoin, the world’s largest cryptocurrency dropped to touch the $18.6k price level in the past 3 months. The market showed some resistance yesterday. However, a massive sell off has jolted the global crypto market.
Why Bitcoin prices are falling?
As per experts, the number of whales depositing their Bitcoins on the exchange has increased massively. Data depicts that around 90% of the deposits on exchanges have been from whales.
Ki Young Ju, CEO of Cryptoquant mentioned that around 15K Bitcoin were moved across ten days. While some of them were sent to the Kraken crypto exchange. In a report, an expert mentioned Bitcoin was trading around the $20K price level at the beginning of the day. However, it is the iconic level for BTC as it was its highest price during the 2017 bull market.
However, Bitcoin prices dropped by around 6% over the past 24 hours. Experts mentioned that just before the BTC price drop, the exchange whale ratio surged. A sharp spike hints that whales are actively depositing Bitcoin on exchanges.
It added that the ratio is still high and increasing. This is a concerning issue but it is still a typical bear market behavior.
Massive liquidation flagged
A deposit on exchange is on the rise, the global crypto market registered a liquidation of more than $360 million in the last 24 hours. Coinglass reported that the largest single liquidation was recorded on the Okex platform with a value of $2.57 million.
As per data, over $125.6 million have been liquidated from Bitcoin in the last 24 hours. Around $107 million worth of BTC has been set in the long position.
Bitcoin is trading at an average price of $18,754, at the press time. However, its 24 hour trading volume has jumped by 10% to stand at $39.9 billion.
The global crypto market has also gone down by over 4% over the past day. It now stands at $948 billion.
- XRP News: Ripple-Backed Evernorth Amasses Over $1B in XRP Ahead of Nasdaq Listing
- Crypto Market Rally: BTC, ETH, SOL, DOGE Jump 3-7% as US China Trade Talks Progress
- Indian Court Declares XRP as Property in WazirX Hack Case
- Ethereum Supercycle Strengthens as SharpLink Gaming Withdraws $78.3M in ETH
- Trump Tariffs: Secretary Bessent Declares ‘Fantastic’ Trump–Xi Talks, Bitcoin Breaks $113,000
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
