The price of Bitcoin drops to $ 23K in minutes despite a massive new Grayscale buy-in

Bitcoin (BTC) dropped nearly $ 1,000 in less than an hour on December 23 as spot marketers refused to buy fresh good news from institutional investors.

Cryptocurrency market overview of Coin360.

Horrible BTC price near $ 24,000 sale wall

Data from Cointelegraph Markets, Coin360 and TradingView showed an unexpected bearish trading session for Bitcoin on Wednesday, which hit local lows of $ 22,800.

It took less than 60 minutes for BTC / USD to fall from $ 23,718 peaks, reaffirming volatility as a feature of the current landscape as well as the sales pressure around $ 24,000.

At press time, the pair circulated $ 23,000 as the market took a short break to determine direction before Wall Street opened.

BTC / USD 3 day chart. Source: TradingView

Grayscale adds $ 284 million of BTC in one day

The move contrasts with continuing bullish accrual from institutional quarters, with Grayscale adding more BTC to its assets under management on Tuesday than the entire previous week combined. That one week concentration, albeit lower, still witnessed an all-time high for Bitcoin.

Grayscale added 12,319 BTC ($ 284.5 million) on Tuesday, while last week’s account was 11,512 BTC ($ 266.1 million). For context, Bitcoin miners are currently able to release about 28,000 BTC per month in block prizes.

“Bad news for Bitcoin bears,” analyst Kevin Rooke he said on Grayscale’s ongoing commitment to buy in Bitcoin.

As Cointelegraph reported, MicroStrategy, which now owns over 70,000 BTC, apparently did not move the market with a lump-sum purchase last week when it raised its reserves of $ 650 million.