September 29, 2022

Traders panicked over fear of a fall in the price of bitcoin

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Traders panicked over fear of a fall in the price of bitcoin

Casual traders began posting numerous messages on social media just hours after a major holder of the Bitcoin (BTC) cryptocurrency transferred a huge amount of digital assets to the wallet of the Kraken trading platform.

Market sentiment has been called panicky by experts because some of them started selling their bitcoins after they learned that a whale withdrew 5,000 BTC worth more than about $100 million. Dozens of investors admitted that they were afraid of a market crash and got rid of their digital coins in Hoping to repurchase cheaper.

It was previously noted that these virtual funds were sent from the wallet of one of the large holders, which has been inactive for more than 9 years since 2013. Major analysts also assured that this could be a bad sign and today could well bring negative consequences for the flagship cryptocurrency.

Many experts began to look forward to the start of the trading week on the stock exchange. They expressed confidence that the situation in the traditional market could influence the whale’s decision. Other specialists emphasized that several hours have passed since the transaction, but no large sell orders appeared on Kraken, which may indicate that the asset holder is not going to part with them overnight, bringing down the market.

As of September 5, 2022, Bitcoin was trading at $19,750, up 0.12% from the same day ago and 0.48% down from last week.

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