Bitcoin’s shedding of nearly USD 1,000 over a 24-hour trading period may have been caused by some speculative whale trading according to some market analysts.
Cryptocurrency’s prestige market leader dropped 8% on Monday, causing the market to go into an immediate downspin; one that could have earned a single speculator millions of dollars.
The cause could be a sudden sell of Bitcoin lead by one trader who shifted 25,000 bitcoin, worth more than USD 200 million, from a private wallet into a Coinbase account, according to a crypto-whale tracking Twitter bot. This was followed by 14,000 bitcoin, worth USD 112 million, being moved from Coinbase to another wallet, then a further 11,000 bitcoin, worth USD 88 million.
One Reddit user managed to get down the action as they saw it:
“The BTC dump today was completely manufactured. About 20-30 mins before the dump, a whale moved 25k BTC (worth $215M) to Coinbase. About an hour after the dump, a whale moved 14k BTC (worth $112M) from Coinbase to another wallet. 40 mins after that, a whale moved 11k BTC (worth $88M) from Coinbase to another wallet. 15 mins after that, a whale moved 10M USDT from one wallet to another.”
As is the way, altcoins followed suit with Ethereum, XRP, Litecoin, EOS, and Bitcoin Cash all dropping some of their recent gains. Currently at the time of writing Bitcoin is trading at USD 8,034.24.
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