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7350 BTC sell order on Binance impacts Bitcoin’s price as market falls by 3.63% in 18 minutes

Biraajmaan Tamuly

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7350 BTC sell order on Binance impacts BTC price as market falls by 4.63% in 18 minutes
Source: Pixabay


After the strong rally exhibited by Bitcoin, the world’s largest cryptocurrency was recording some major devaluation. Bitcoin surged to $12,764 over the last 24 hours after a massive hike at 01:00 UTC on 9th July. However, the price was falling significantly at press time, with a fall of over 3.63 percent in a span of 18 minutes.

Source: Trading View

The price started to plummet from $12,691 at 14:00 UTC on 9th July and at press time, the valuation was treading $12,298. The volume indicator in the chart also suggested that there was massive movement of BTC in the market.

Source: Trading View

Many online have speculated that the aforementioned slump in price was unfolding due to a huge sell order that was put up on Binance exchange. An order of 7350 BTC was made live on Binance, which was equivalent to nearly $100 million. The community speculated that due to Bitcoin going over the $12,764 mark, a Bitcoin whale went out of his way to sell out at the listed market high.

Source: Twitter

A Twitter user calculated the selling time and claimed that the entire order of Bitcoin was sold in less than 23 minutes on the exchange, which by extension had a huge impact on the market.

Further, it was also noted that Binance recorded a trade of Bitcoins worth over a $1.01 billion over the last 24 hours, implying that the present rally was significantly impacted by the activity carried out on Binance.

Another Twitter user, @WhaleTrades, reported,

Source: Twitter





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

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