The price of the leading cryptocurrency dropped below $7,000 level a few minutes after an investor sold 1,000 BTC on crypto exchange Huobi. At current price 1,000 BTCs are worth over $6,800,000.
Block-by-block data can provide some interesting insights and potentially actionable information into crypto market activity. Found this in the CM #Bitcoin Flows Data early this morning! pic.twitter.com/nhwzkkNdHc
— CoinMetrics.io (@coinmetrics) April 10, 2020
According to the data on CoinMetrix, the deposit on Huobi Global on April 10 preceded BTC/USD pair falling by around $250. Earlier, the pair had traded between $7,100- $7,400.
BTC whales who hold over 1,000 BTC reaches two-year high.
The data from Glassnode reveals that the number of BTC whale entities that are holding at least 1,000 BTC has reached a two-year high. Late last year, one lone whale used a giant stash of cash to defend the BTC price at a certain price point just to win a bet with another whale. Analyzing the data, Arcane Research queried whether the Huobi order could be linked to the notorious PlusToken Ponzi scheme. It is likely that a series of sell-offs from PlusToken, which accrued huge amounts of money during its operations, created artificial price pressure on BTC markets.
BTC continues to hover around $6,800.
At the time of writing, the price of bitcoin is trading just above $6,800. The short term prediction for bitcoin is still quite bearish. As reported earlier, BitMEX CEO Arthur Hayes also predicted that the price of bitcoin could retest $3,000 in the short term before gaining any positive momentum. He reasoned that stock markets would continue to plunge amid the pandemic, and all asset classes could “puke.” It seems like bitcoin is still coupled with traditional markets, and its price will follow stock markets in the short-term.
The number of COVID 19 positive cases and related deaths are increasing each day exponentially. So far, over 1.5 million people have been diagnosed with this virus, and over 95,000 people have lost their lives. The pandemic has caused the global economy to tumble as World Trade Organisation earlier reported that they are expected a fall up to 32% in global trade for this year.