Bitcoin: Huge Sell-Offs, Including 1000 BTC from 2010, Trigger 10% Fall From New All-Time High

Bitcoin (BTC) fell over 10% from a new all-time high as a wave of sell orders on cryptocurrency exchanges dampened the momentum, causing it to dip below $60,000 momentarily. 

On Tuesday BTC peaked at $69,208 at 15:04 UTC on the CoinDesk Bitcoin Index (XBX) and then shortly after tumbled to a low of $59,700. The decline is blamed on large sell orders — including over 300 BTC valued at around $20 million at $69,000 and more than 500 BTC at $70,000 on Binance.

There was also this OG Bitcoiner who dumped 1000 BTC mined way back in 2010. This guy was evidently waiting for this moment for a long time.

After the quick rollercoaster ride, BTC managed a modest recovery, climbing back to over $65,000 as of this writing.

According to CoinDesk, the downturn led to a 7% loss for BTC over 24 hours, a steeper decline than the broader CoinDesk 20 Index’s (CD20) 3% drop, which was somewhat mitigated by the stronger performance of other cryptocurrencies like Ether (ETH) and Solana (SOL). 

Major altcoins, including Cardano (ADA), Dogecoin (DOGE), and Shiba Inu (SHIB), also experienced declines in the range of 10%-12%. But like BTC, these coins have since bounced back.

The volatility also triggered a significant number of liquidations, exceeding $1.1 billion in derivatives across the cryptocurrency market, with long positions constituting $870 million of this total, as per CoinGlass

Source: CoinGlass

Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

First Majestic Posts Record Cash Flows In Q1 As Production Costs Fall

Brazil Potash Secures Funding In Support Of US$2.5 Billion Autozales Project

Related News

Central Banks Cast Doubt on Bitcoin’s Store of Value as Cryptocurrency Grows in Popularity

Although the price of the world’s largest cryptocurrency continues to grow amid escalating popularity, a...

Monday, September 13, 2021, 04:49:00 PM

FTX Creditors Unhappy With Receiving $16,781 Per Bitcoin Under Proposed Repayments

It turns out that some FTX creditors are unhappy with claims that they are being...

Saturday, February 3, 2024, 11:40:00 AM

Bitfarms: Employing A Risky Strategy To Counteract A Challenging Bitcoin Mining Environment

Bitfarms Ltd. (TSXV: BITF), a levered Bitcoin miner, has decided to employ a growth strategy...

Monday, October 12, 2020, 09:00:00 AM

Bitcoin Jumps After Tesla Begins Accepting Crypto as Payment for Cars

The price of bitcoin rose by nearly 5% to above $55,000 on Wednesday, after Elon...

Saturday, March 27, 2021, 04:47:00 PM

Hut 8 Mining Sees Production Increase To 9.7 Bitcoin Per Day

Hut 8 Mining Corp (NASDAQ: HUT) (TSX: HUT) this morning issued a production update for...

Wednesday, August 4, 2021, 07:49:17 AM