CryptoQuant analyst explains the recent bitcoin decline by the actions of bears
According to him, such market participants are starting to sell actively amid the news about the movement of a large number of coins by the US government
15.08.2024 - 14:50
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2 min
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What’s new? Analyst Axel Adler, who acts as one of the verified authors of the analytical blockchain platform CryptoQuant, said that the reason for the recent decline in the bitcoin rate is the actions of bearish traders. For instance, they regularly sell coins right after the team at the analytics platform Arkham Intelligence reports major moves in the asset.
What else is known? On August 14, Arkham reported that the US authorities sent 10 000 confiscated bitcoins to the address of the institutional division of the cryptocurrency exchange Coinbase called Coinbase Prime. Following this, the asset's exchange rate fell by 6% and reached a one-week low of $57 816.
Analyzing these events, the Lookonchain team presented charts showing the crypto market's reaction to BTC transfers by the US government over the course of 2024.
Thus, during the current year, the authorities transferred a total of 15 940 bitcoins worth $966,4 million to Coinbase Prime as a result of three transactions. The first transaction to move the assets confiscated from the Silk Road darknet marketplace took place on April 2. The second transfer of bitcoins, which were seized from drug dealer Banmeet Singh, was recorded on June 26.
According to Lookonchain analysts, in the first two cases, the price of BTC fell by 5% within three days after the transfers. A similar situation is observed now.
According to Axel Adler, the US government bitcoins do not “affect anything, but the mere fact causes such a reaction,” prompting bears to sell and thus put pressure on the rate of the first cryptocurrency.
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