Bitcoin Price Loose $27K Level; Coinbase Registers Mega BTC Whales Deposits

Whale To Dump Bitcoin Price?

The global crypto market printed red indexes on Wednesday as altcoins followed Bitcoin price decline. BTC price dropped by around 3% in the last 24 hours to lose the crucial $27,000 mark. Bitcoin is trading at an average price of $26,930, at the press time.

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James Straten, a data analyst reported that the crypto market registered a major sell off on Tuesday. Data depicts that almost $400 million worth of Bitcoin were sold on Tuesday. It is being reported as the fifth highest sell off this year. He suggested that this primarily comes from Coinbase, the US biggest crypto exchange.

Bitcoin outflow
Source: Glassnode

He suggested that rising U.S. Dollar Index (DXY) and decreasing liquidity regarding the debt ceiling might lead a short term bear market conditions.

As per the data, crypto whales shuffled around 16K Bitcoin (approx worth $428.6 million) over Coinbase. However, the biggest transaction recorded by the tracker has been of moving 5,003 BTC (approx worth $138.6 million) from whale wallet to Coinbase.

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