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Bitcoin [BTC], Ethereum [ETH], XRP and other altcoins bleed red; bears feast on bulls

Akash Anand

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Source: Unsplash

On October 29, the cryptocurrency market saw complete red when nine out of the top ten cryptocurrencies saw its prices fall at an unprecedented rate. The technical analysis given by several analysts had predicted a sideways movement with sporadic bearish drops, but it looks like the bear had other plans by bringing down prices even more than expected.

Popular cryptocurrencies, including Bitcoin [BTC], Ethereum [ETH] and XRP, were all on the bearish slide with the brakes seemingly off.

At the time of writing, Bitcoin [BTC], a cryptocurrency whose bottom was predicted by several analysts, seems to have different plans by falling to $6,392.08. The Vitalik Buterin co-founded Ethereum [ETH] reflected the exact same behavior of Bitcoin, by acting as a co-passenger on the bearish slide.

The second-largest cryptocurrency’s fall comes in the wake of news that revealed that Ethereum will be supported by the Hyperledger Fabric. XRP, which has been playing catch-up with Ethereum in terms of market cap, has fallen by a massive 3.95%. The bearish crash has increased the disparity between XRP and Ethereum to $2.9 billion.

The Brock Pierce co-founded EOS, which has been quiet on the developmental front, has certainly not been exempted from the bear attack, bringing the price of the coin from $5.42 to $5.15.



The biggest loser in the top ten cryptocurrency club was the Charlie Lee founded Litecoin [LTC], which fell by an astounding 5.95%.

Litecoin’s fall comes on the back of several analysis pointing out that LTC had broken its price support multiple times over the past few months. At the time of writing, Litecoin was trading for $48.82 with a market cap of $2.88 billion.





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Bitcoin

Bitcoin’s [BTC] dump may have triggered migration of BTCs worth hundreds of millions

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Bitcoin's [BTC] dump may have triggered migration of BTCs worth hundreds of millions
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Bitcoin dropped by 3.55% over 3 hours, an approximate drop of $200, causing many altcoins to dip by more than 8%. Although it might be a coincidence, thousands of Bitcoins started to migrate from wallets to exchanges, wallets to wallets, and exchanges to wallets.

Whale Alert, a Twitter user, pointed out the same in his tweets. A total of  25,000 BTC were sent in under 20 minutes, in multiples of 5000 BTC each, in a wallet to wallet transaction. Two of these transfers were initiated from an unknown wallet [3BYv2L9zCFYpvRQXakqkVWa7JyRw6Q9ZAm] to two other unknown wallets [3PWNGS2357TnjRX7FpewqR3e3qsWwpFrJH, 3CAF6ZjtJKaHiJixViXncTRwG3N5ss9vn4].

These 5 transfers were worth approximately $140 million. The third transfer took place from multiple wallets to a single wallet [3HuUiXmKN3beQSoM97kWjK1fesWWJvKvaZ].

Additionally, there were two massive transactions that took place two hours after the drop; the first transaction involved 14,999 BTC, while the second involved 11,000 BTC.

The former transaction was sent from two wallets to a single wallet [3GaB3nRWA1PLc3XQkkbpVtFwYYZEuMxD4i], which is the balance of the wallet. The latter transaction was similar to the one mentioned above, as the transaction originated from two wallets.

Another transaction containing 9,000 BTC was transferred from 357R3FeNmySYeHuRfyhFd6nMwzoLDdjfwV to 3NmHmQte2rP8pS54U3B8LPYQKkpG1pFF69. The sender has approximately 9,412 BTC after the transfer, while the recipient has 9,000 BTC.

All of the above transactions were worth approximately $332 million. The massive BTCs transferred could be due to the recent fall in the price. It can also be speculated that BTC whales were securing their profits earned from the shorts.

A Twitter user @Emperor_YZ commented,



“and who say the fee is high, just 30,360 sat ($1.67)🤔 for a $82.37 million transfer …”

Another user, @Omarin0, commented,

“It would have also been 1.67$ for a 1.67$ transfer. 100% fee. How nice”

@Emperor_YZ replied,

“wrong, you can use LN or other layer 2 apps to do small amount payments 😎 for BTC base layer, network security is always top priority, L2 is super cheap and can settle at base layer later”





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