Having Bitcoin coming back to live is good to oversee (at the moment it’s trading around $8,300), but we can’t forget an enormous price drop from last week. All internet has speculated with numerous reasons on why it has happened. Some experts think it might be connected to a sluggish start of Bakkt or hashrate drop or even new dollars printed by the Federal Reserve. While our analytics found out something interesting that might have also had a certain impact on Bitcoin’s recent price dump.
On September 24th CryptoMood has recorded a couple of suspicious transactions whose value was beating the records in the crypto world so far. The transactions were conducted between 1576 old frozen and 134 active BitMEX addresses. Significant majority of 1576 addresses have not been used since 2018 up to early 2019 and had, in fact, zeroed out once these transfers were made.
Just in two subsequent blocks (14:50:48–14:54:06) 98,304 BTC were transferred. Have a seat because here we are talking about record high 1 billion USD overall transacted by that day! Later, 4 more transfers were made with the last one happening on September 25th. In summary, 123,286 BTC were transacted between specified BitMEX addresses.
Meanwhile, the first BTC downfall occurred nearly at 6:00 PM of September 24th resulting in a price drop from $ 9449,04 down to $ 8304,87.
Shorty after that massive transfers occurred, 109 of 134 BitMEX addresses initiated a gigantic sale of these bitcoins followed by the first price descent. Then during the 25th and 26th of September, a total amount of 9,305 BTC were withdrawn from BitMEX exchange.
At last, the price of Bitcoin sunk below 8,000 USD moments before its final fall.