Bitcoin Drops 10% in Less than 24 Hours

Bitcoin has lost more than 10% of its value in the last 24 hours as the world’s largest crypto asset fell below the $ 34,000 level on Wednesday. The recent bearish move came after high sales pressure kept BTC below $ 40,000 level. The overall cap of the cryptocurrencies market dropped below $ 1 trillion today.

According to the latest data available on coinmarketcap, Bitcoin has written off all of the previous week’s earnings as the cryptocurrency is now down over 2% in the last 7 days. Ethereum plummeted more than 12% in the last 24 hours as the world’s second-largest cryptocurrency reached $ 1,250 after an all-time record high of $ 1,420 earlier this week.

Glassnode, a crypto analytics platform, highlighted Wednesday that the number of Bitcoin addresses holding at least 1,000 BTC peaked at an all-time high of nearly 2,440.

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“Bitcoin addresses holding over 1000 BTC ($ 35 million) have always reached a new peak. This year alone 164 addresses were added, currently worth $ 6 billion, ”an undeveloped crypto research and analytics platform mentioned in a tweet.

The recent price action has increased Bitcoin’s anonymous transfers. Whale Alert, a blockchain tracking company, highlighted two different transactions involving nearly 5,000 BTC. In the first transfer, an unknown Bitcoin whale transferred 3,217 BTC from an unknown wallet to the Huobi exchange. The second transaction shows the movement of 1,529 BTC from a mystery wallet to the Poloniex crypto exchange.

Cryptocurrency market

The crypto market has seen significant moves since early this week as altcoins posted strong gains. Bitcoin’s dominance fell below 65% for the first time in nearly 4 weeks. Crypto assets such as Polkadot, Cardano, and Chainlink posted two-digit earnings this week. Bitcoin is facing a tough challenge ahead of it due to high sales pressure on crypto exchanges. Finance Magnates earlier reported on JPMorgan’s analysis of the recent Bitcoin price action. The investment bank mentioned in a note that BTC’s failure to cut above $ 40,000 could lead to huge sales pressure from the traders following trends.