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Bitcoin Price Dump: Miners Start Selling 9,000 BTC, Upfront, Opening Bear Cycles
Bitcoin miners on Tuesday transferred nearly 3,000 bitcoins, valued at around $ 28 million, directly to an exchange wallet. Several thousand others may be transferred through Over the counter (OTC) transactions.Direct exchange transfers are the largest Bitcoin (BTC) cards from miners to such structures in more than a year, according to Glassnode data.
Most of the 2,650 BTC sent to the Bitfinex Exchange, mentioned. Miners move funds to crypto exchanges in bulk attracting the intention to sell.
Large transfers coincided with a sharp fall in the price of Bitcoin on Wednesday, prices were down 4% in 24 hours to around $ 9,300.
The earlier transfer of large-scale miners to the exchange has been preceded by a sharp decline in the value of bitcoin, opening the cycle of decline. Not yet clear whether snigger transactions will have the same effect.
According to Cryptoquant, on-chain trading extravaganza services, more than 9,000 BTC worth around $ 86 million moved on Tuesday, many of which advanced through OTC trading because mass transfers do not match similar increases in exchange balances.
On December 26, 2019, the last miners moved 14,800 Bitcoin. Around 7,100 of BTC transfers between them, Mining pools Poolin and Haobtc accounted for the biggest share of the latest transfers.
"There has been a huge surge in the flow of miners. In one day, I anticipate a lot of sales, starting real soon," crypto analyst Cole Garner tweeted. "This may be an OTC agreement because the current does not appear to go to the exchange," he added.
At the time of writing, bitcoin bought and sold at $ 9,273, betraying the hopes of the optimistic crypto community of increases above $ 10,000, rate ideas as the key to triggering a major price increase.
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