Bitcoin hurried to sell at the first signs of growth
Bitcoin on Thursday, suddenly fell by more than $300, pulling all the other cryptocurrencies. As a result, the total capitalization of the stock market has fallen by $15 billion on Friday Morning, the situation shows signs of stabilisation: Bitcoin (BTC) managed to keep about $6,300, altcoins of the Top 10 also stopped falling.
Daily trading volumes of the largest Asian crypto exchanges demonstrated significant growth in the last few days. In this situation, it may be noted that bitcoin whales supported the market, without initiating any activity on the largest wallets. Chainalysis research has shown that whales not only manipulating the exchange rate, but also trying to stabilize him, buying coins in moments of correction. The index of dominance of bitcoin has reached 12 Oct 55%, gaining about 3% over the week.
Rather, we can say that investors rush to sell bitcoin after hitting levels near 6000, but due to low trading volumes, the course is very easy falls to the lower limit.
Analysis of the main accounts showed that only the second largest BTC wallet belonging to a crypto currency exchange Bitfinex, October 12, it was concluded 3,000 BTC (almost $19 million), almost all the purses of the Top 100 do not show any activity in principle. In addition, professional investors don’t conduct transactions on public exchanges, preferring over-the-counter pads as they are primarily interested in maintaining the rate of BTC is stable.
Concerns only the activities of the exchange Bitfinex, which not only sold a large amount of BTC at the time of the fall, but according The Block, for some reason for a week stopped accepting deposits.
The sudden drop in the market after so many weeks of stability again recalls the extremely fragile balance in the sector. On the one hand, the whales while holding on his shoulders the market, on the other hand, they have become the centralizing power of the technology, which first of all implies decentralization. Whales keep the quotes, but this creates an imbalance: if the pricing of BTC was free, in the end, after all the upheaval and subsidence of the course, the cryptocurrency would become very active to use as it is “currency”.