Analytics / Forex and Crypto News
A sharp drop in the price of Bitcoin below $9,000 could be caused by the transaction of $1.2 billion. Funds were transferred from the wallet to the crypto-exchange. After this operation, massive sales began, which ultimately led to increased volatility and weakening of the coin.
Analysts believe that the transfer of $1.2 billion in BTC caused a panic in the market, this operation was a kind of turning point that completed the long phase of weak Bitcoin volatility.
Large cryptocurrency transfers from wallets to exchanges always accelerate the volatility. Moreover, often such transactions are made to further sell Bitcoins, which naturally leads to a drop in the value of the asset.
During November, ICO-projects sold 416K ETH. This is the largest figure since the summer, reports Trustnodes.
According to Santiment, in August, ICO startups sold only 100,000 ETH. In September, sales of digital currency increased significantly, reaching 300 thousand ETH. In Nov