Whales moved and sold as much as 93 Bitcoin since the price at $19,500, while Chinese police in selling PlusToken
Bitcoin price is currently trading around 15% lower than a few days ago, unable to establish a new all-time high. The new all-time high Bitcoin price could set off a FOMO storm that whales are likely to find ways to stop just before the record is broken.
The whale dumped the Bitcoin price, earning about $ 1.5 billion in profit
Whales moved and sold as much as 93 BTC since the peak at $ 19,500, or roughly $ 1.5 billion in profit taken even at an average sell price of $ 17,000 per coin.
According to on-chain analysis, whales began mass-transferring BTC to centralized cryptocurrency exchanges such as Coinbase over the days and hours leading up to the record close of nearly breaking the recent rally.
Whales have been moving $BTC into exchanges.#Bitcoin has faced a steep correction since Wednesday’s highs of $19,600
This drop started as soon as whales began to deposit BTC to exchanges. More than 93 thousand Bitcoin’s were deposited into centralized exchanges. pic.twitter.com/ntq1yIlDeV
— intotheblock (@intotheblock) November 27, 2020
Sell walls on Coinbase were reported, and whale watching on various crypto quant platforms were giving signs of their activity just before the selloff began.
Elsewhere, one of the reasons for the price drop is that the PlusToken scam project is being liquidated. According to Chinese Crypto Reporter Wu Blockchain, Chaindigg, a company that assists the Chinese police in selling PlusToken. Its second-largest shareholder is the co-founder of Huobi, and its third-largest shareholder is a Binance shareholder.
Wu found that, Chaindigg, an company that assisted the Chinese police in selling PlusToken worth billions of dollars crypto in 2019, was called China’s Chainanalysis. Its second largest shareholder is co-founder of Huobi, and its third largest shareholder is Binance shareholder, pic.twitter.com/VlrZ1sGNSs
— Wu Blockchain(Chinese Crypto Reporter) (@WuBlockchain) November 28, 2020
The good news is you don’t have to worry about the market being affected significantly. And even in 2019, this company with shareholders familiar with Huobi and Binance will be able to continue selling rather than influence the market.
You can see the BTC price here.
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