Bitcoin price had a sudden drop in the space of few minutes, making it one of the most volatile days, some people believe it is the activities of whales selling some of their holdings.
An $8,000 daily loss leaves the market shaking its head on one of the most volatile days in Bitcoin since the China miner rout.
Bitcoin (BTC) plummeted dramatically as trading continued on Sept. 7, with BTC price movement falling below $43,000 on one of the year’s most turbulent days.
The volatility was documented by data from TradingView as Bitcoin dropped below $50,000 on exchange. The rise happened just hours after analysts agreed that BTC/USD needed to stay above $50,000 to maintain positive momentum.
One of them, Michaal van de Poppe of Cointelegraph, identified $49,500 as the point of no return if it fails to hold as support. He predicted that $44,000 will be next. He went on to say that Bitcoin has narrowed the CME futures gap that had existed over the weekend.
Bitcoin was trading at roughly $46,700 at the time of writing, significantly below the intended minimum, having reached a floor of $47,200.
The “Wolf of All Streets,” Scott Melker, a trader and analyst, blamed large-volume traders. He stated, “Leave it to whales to dump Bitcoin on the day El Salvador declares it legal tender.”
“Real volume on the selling as well.”
The largest cryptocurrency, according to Cointelegraph, touched $52,960 on the day El Salvador adopted Bitcoin as official currency alongside the US dollar, a nearly four-month high.
