September 18, 2020

Analysts: Crypto market dipped after transaction at $ 1.2 billion

Analysts: Crypto market dipped after transaction at $ 1.2 billion

A major MTC transaction may have caused a sellout on September 24th and a drop in Bitcoin prices below $ 8,000.

This conclusion was reached by analysts of the monitoring resource Byte Tree, having analyzed the data for the last 24 hours of trading activity, when the first cryptocurrency fell by 12% in just a few hours.

According to the findings of Byte Tree, the collapse triggered a deal worth $ 1.2 billion between two unknown addresses. The magnitude of the transaction triggered a panicky sales session.

Given the stability of the market in recent months and the bullish sentiment of analysts, researchers suspect that they are dealing with a well-organized dump in the market.

By this morning, the market stopped declining, and the price of BTC began to recover gradually.

Many traders are still worried about the short-term prospects of bitcoin, believing that it will take at least a month to restore the market.