Summary
TLDR: Bitcoin and altcoins experienced significant volatility, leading to a market decline of approximately 8%. Large institutional investors known as crypto whales strategically offloaded a substantial amount of their holdings, contributing to the market downturn. Bitcoin’s price dropped sharply but has since rebounded slightly. Computer scientist Edward Snowden criticized the industry’s reaction to the dip, noting that Bitcoin’s price remained stable over the week.
Key Points
1. Bitcoin and altcoins experienced significant volatility in the last 24 hours, leading to an 8% drop in the overall crypto market capitalization to $2.53 trillion.
2. Large-scale investors, known as crypto whales, strategically sold off portions of their holdings during the market downturn, with four whales collectively offloading 31,683 ETH valued at approximately $106 million.
3. The significant selling activities of these crypto whales added to the selling pressure in the market, causing BTC’s price to plummet to as low as $65,100 before rebounding slightly to around $68,000.