Today, the cryptocurrency market capitalization fell to its lowest level since August last year again breaking its own record of lowest for the year. Currently, the market cap of cryptocurrencies lies at around $110 billion according to CoinMarketCap. Bitcoin price has also turned to a yearly low of $3278. At the moment bitcoin is trading around $3390 trying to recover but is still facing massive selling pressure. With the price expected to fall even further, bitcoin whales are worried about facing massive losses and hence more and more whales are coming into to markets to sell their holdings. Just a few hours ago, around 5174 Bitcoin was transferred to Bitfinex exchange by three transactions from different wallets. The transfer to exchange might be for the purpose of selling. Here are the transaction details:
Transaction 1: 1732 BTC
https://www.blockchain.com/btc/tx/293c2fa98698074922c6961e9950b136948f7c04e42ceae4d9ddf5a68a473e98
Transaction 2: 1718 BTC
https://www.blockchain.com/btc/tx/f740b2b0f1f8b0459706745a99ba4d05a95cc78cd42b17ad77b36e7414c7bde4
Transaction 3: 1724 BTC
https://www.blockchain.com/btc/tx/e6192c3c577a3b2dd18e15dd67326cd1dfc98d846d641e9688e2e60239dc4d31
The cryptocurrency market has been massively hurt in just a matter of 1 month with the total market capitalization falling to nearly half which was around $200 billion in the start of November to around $100 billion today with the price of the king of cryptocurrencies; bitcoin falling rapidly.
The following article is not a financial advise. The readers are advised to do their own research before investing or trading in any digital assets.
