Bitcoin Price Falls to 7-Week Low as Whale Sells 24,000 BTC

TLDR

• Bitcoin price drops below $109K after a whale sells 24,000 BTC, worth over $2.7 billion.
• The massive sell-off causes Bitcoin to hit a seven-week low, triggering a market correction.
• Total market capitalization shrinks by $205 billion in just 24 hours due to the market chaos.
• Altcoins suffer heavier losses with Solana, Dogecoin, Cardano, and Chainlink all experiencing significant drops.
• Bitcoin’s current 12% correction is still much smaller compared to past pullbacks in 2017 and 2021.

The Bitcoin price fell below $109,000 early Tuesday morning after a massive market sell-off. A large Bitcoin whale dumped 24,000 BTC, worth over $2.7 billion, leading to a sharp decline in price. This triggered a wave of liquidations across the crypto markets, causing Bitcoin to drop to a seven-week low.

Bitcoin Price Faces 12% Drop Amid Sell-Off

The Bitcoin price saw a dramatic drop as a whale offloaded 24,000 BTC. This move sent the price of Bitcoin tumbling by $4,000 in a few hours. As a result, the broader crypto market felt the impact, with total market capitalization shrinking by $205 billion.

Market analysts suggest that the whale’s massive sell order was a significant factor in triggering the sell-off. Bitcoin’s price dipped below the $110,800 level, a critical threshold for one to three-month-old investors.

Despite this sharp drop, Bitcoin’s correction remains moderate compared to previous market downturns. In September 2017 and 2021, Bitcoin experienced more significant pullbacks of 36% and 24%, respectively. The current 12% drop is far less severe, but it could signal more volatility ahead.

Altcoins Suffer Heavier Losses

While Bitcoin price took a sharp hit, altcoins faced even steeper declines. Solana’s price dropped by 11%, reaching $186, while Dogecoin saw a 10% fall to $0.21. Cardano also lost 9%, falling to $0.83, and Chainlink dropped 11% to $23.30.

Other altcoins, including Hyperliquid, Sui, Avalanche, and Litecoin, were also hit hard. Ethereum, although down 7% on the day, managed to remain within its sideways channel. However, the Ethereum price is still over 11% lower than its all-time high reached just two days ago.

As the market reacts to the volatility, traders remain cautious about the future of the Bitcoin price and other cryptocurrencies. Bitcoin’s correction has led to massive liquidation across exchanges, with nearly $930 million worth of positions getting wiped out. This ongoing sell-off has added to the uncertainty in crypto markets.

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