Bitcoin News: Bitcoin (BTC), the world’s largest crypto is on the way to record the first monthly loss for the year 2023. Bitcoin price dropped by around 8% in May 2023 trading under increased uncertainty in the market due to unexpected Fed interest rates, Debt ceiling deals, and other major economic issues. As the crucial financial events close in, Bitcoin whales have been caught shuffling almost 16,000 BTC across crypto exchanges.
Also Read: JPMorgan CEO Hints More Fed Rate Hike Amid Debt Ceiling Crisis
More Bitcoin Price Dump Ahead?
The global crypto market printed red indexes on Wednesday as altcoins followed Bitcoin price decline. BTC price dropped by around 3% in the last 24 hours to lose the crucial $27,000 mark. Bitcoin is trading at an average price of $26,930, at the press time.
James Straten, a data analyst reported that the crypto market registered a major sell off on Tuesday. Data depicts that almost $400 million worth of Bitcoin were sold on Tuesday. It is being reported as the fifth highest sell off this year. He suggested that this primarily comes from Coinbase, the US biggest crypto exchange.
He suggested that rising U.S. Dollar Index (DXY) and decreasing liquidity regarding the debt ceiling might lead a short term bear market conditions.
As per the data, crypto whales shuffled around 16K Bitcoin (approx worth $428.6 million) over Coinbase. However, the biggest transaction recorded by the tracker has been of moving 5,003 BTC (approx worth $138.6 million) from whale wallet to Coinbase.
Crypto whales have moved 12,219 Bitcoin (approx worth $330 million) from their wallets to Coinbase in multiple transactions over the past 24 hours. This move suggests that more volatility can be expected ahead as whales are looking to dump more BTC in the current price range.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
