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With only four days left until the end of August, the cryptocurrency industry has witnessed a rapid decline in the price of Bitcoin (BTC), which has crashed below the psychological level of $60,000, and crypto traders and investors are curious about the factors behind the sudden drop. Indeed, Bitcoin has accumulated a dip of over 10% in the last 30 days, its current price crowning last week’s volatility in the crypto market, during which the prices of many other crypto assets were rising and nosediving indiscriminately, raising concerns among crypto investors. Bitcoin price analysis Specifically, Bitcoin is currently changing hands at the price of $59,530, which suggests a 3.99% decline in the last 24 hours, a modest recovery of 0.50% across the previous seven days, while losing 14.04% in the past month, according to the most recent chart data retrieved on August 28. Bitcoin price 30-day chart. Source: Finbold Why is Bitcoin crashing? Notably, one reason for the massive dump could be significant whale sell-offs, as demonstrated by one whale who had moved 2,300 BTC worth $142.24 million to Kraken, a renowned crypto exchange, as recorded by the crypto transaction tracking platform Arkham Intelligence. Whale’s Bitcoin transaction. Source: Arkham Intelligence In fact, sending a large amount of a crypto asset to centralized exchanges often happens with the goal of selling it, triggering a bearish sentiment as other holders follow suit, and, considering the above whale still has 18,141 BTC worth $1.08 billion in their possession, getting rid of it could add to the downtrend. At the same time, Bitcoin has faced a wave of large liquidations stemming from the embattled crypto trading platform Celsius’s repayment of close to $2.5 billion to its 251,000 creditors since the plan kicked off in January 2024, a recent court filing reveals. Specifically, the filing to the…

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Filed under: News - @ August 28, 2024 10:23 am