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.
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