Bitcoin Drops 10% in Less Than 24 Hours

Bitcoin has lost more than 10% of its value in the last 24 hours as the world’s largest crypto asset dropped below the $34,000 level on Wednesday. The recent bearish move came after high selling pressure kept BTC under $40,000 level. The overall market cap of cryptocurrencies dipped below $1 trillion today.

According to the latest data available on coinmarketcap, Bitcoin has removed all gains of the previous week as the cryptocurrency is now down over 2% in the last 7 days. Ethereum plunged more than 12% in the last 24 hours as the world’s second-largest cryptocurrency reached $1,250 after registering an all-time high of $1,420 earlier this week.

Glassnode, a crypto analytics platform, pointed out on Wednesday that the number of Bitcoin addresses holding at least 1,000 BTC reached an all-time high of nearly 2,440.

“Bitcoin addresses holding over 1000 BTC ($35 million) hit a new all-time high. This year alone 164 addresses got added, currently worth $6 billion,” crypto research and analytics platform unfolded mentioned in a tweet.

The recent price action has escalated anonymous Bitcoin transfers. Whale Alert, a blockchain tracking company, highlighted two different transactions involving nearly 5,000 BTC. In the first transfer, an unidentified Bitcoin whale transferred 3,217 BTC from an unknown wallet to the Huobi exchange. The second transaction shows the movement of 1,529 BTC from a mysterious wallet to the Poloniex crypto exchange.

Cryptocurrency Market

The crypto market has seen substantial moves since the start of this week as altcoins posted strong gains. Bitcoin’s dominance dipped below 65% for the first time in almost 4 weeks. Crypto assets like Polkadot, Cardano, and Chainlink posted double-digit gains this week. Bitcoin is facing a tough challenge ahead due to high selling pressure on leading crypto exchanges. Finance Magnates earlier reported about JPMorgan’s analysis of the recent Bitcoin price action. The investment bank mentioned in a note that BTC’s failure to break above $40,000 may result in huge selling pressure by the trend-following traders.

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