A huge cryptocurrency transaction occurred early this morning as an inactive address moved 6,071 Bitcoin, worth about $178 million. The transaction was done anonymously and the reason behind it is still unknown. The original owner of the Bitcoin bought them in 2013 when the rate was 3,362,853 in USD, and now is seeing a 53 times floating profit.

At the same time, Bitcoin (BTC) was experiencing a sharp drop in prices, dipping below 30,000 USD in just 15 minutes. The market reactions were so severe that many traders had to liquidate a total of $30 million of Bitcoin futures, 95% of the total position being bets for a rising price.

The steep fall appears to be the result of several factors with a big sell order in a cryptocurrency exchange being the main one, as well as an unexpected CPI inflation reported in the UK of more than 10%. Besides BTC, Ether (ETH), Polygon (MATIC) and Dogecoin (DOGE) also dropped around 5% while Solana (SOL), lost nearly 9%.

The current market trends prove the difficulty of making predictions when it comes to the world of cryptocurrency, and with this type of transactions happening constantly, understanding the market remains a challenge. Therefore, before taking any investment decision, make sure to do your own research and check all the available information as the market can change drastically in a very short time.



Other News from Today