March 13, Friday – It has started as a dark day for financial markets, cryptocurrency market and social events as the world continues battling the Corona Virus epidemic. Bitcoin, the largest cryptocurrency, has suffered over the past 72 hours dipping below the $4,000 USD mark in the wee hours of the Asian market raising selling panic across the crypto market.
With the price of BTC touching a year low, at $3,658 USD, whale (huge BTC holders) are looking increasingly bearish as more BTC is sent to exchanges. Will the selloff continue?
Bitcoin whale transfers over $15 million to BitMEX
According to whale transaction data oracle, Whale Trader, a Bitcoin holder transferred 3,000 BTC (approx. $15.96 million USD) from an unknown wallet to BITMEX exchange. On Fri, 13 Mar 2020 at 05:14:39 UTC, the BTC whale moved the tokens as the market tries to bounce back from the huge 42% selloff since Wednesday, 11 March.
The silver lining to the whale movement is the fee cost – to transfer the huge $16 million stash, the whale only used about $3 USD.
A sell-off to $3,000?
Whale transactions to exchanges is usually a bearish sign as it is seen as a dumping move for large BTC moves. With altcoins falling harder than BTC during the current bloodbath, it looks likely the whale is cashing out to USD, raising questions on whether BTC has reached its bottom.
Currently trading at $5,064 USD, BTC/USD is showing signals of dipping further towards the $3,200 USD region. The weekly relative strength index dipped below support levels signaling a run towards the oversold levels. Can BTC’s free market sustain the global pressures from the Corona Virus attack? Or will whales continue their selling spree as BTC/USD struggles?
