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This Might Be a Major Factor in Bitcoin's Price Decline

08-Sep-2022 By: Shailja Joshi
This Might Be a Majo

The price of Bitcoin, the biggest cryptocurrency in the world, 

Fell to $18.6k in the last three months. 

Yesterday, the market shown some resistance. However, a significant sell off has shaken the cryptocurrency market worldwide.

Why is the price of bitcoin declining?

According to analysts, there are now much more whales depositing their Bitcoins on the exchange. According to data, whale deposits made for about 90% of all deposits made on exchanges.

Over the course of ten days, roughly 15K Bitcoin were traded, according to Ki Young Ju, CEO of Cryptoquant. While others were delivered to the Kraken cryptocurrency exchange. An expert stated that Bitcoin was trading around the $20K price level at the start of the day in a report. Because it was BTC's highest price during the 2017 bull market, it is the defining level for the cryptocurrency.

However, over the previous 24 hours, Bitcoin values have fallen by almost 6%. Experts noted that the exchange whale ratio spiked soon before the BTC price decline. One can see that whales are actively depositing Bitcoin on exchanges by the strong surge.

Significant liquidation signalled

The amount of money being deposited on exchanges is increasing; over $360 million has been liquidated in the previous 24 hours on the worldwide crypto market. According to Coinglass, the Okex platform recorded the single liquidation with the highest value, valued at $2.57 million.

According to data, almost $125.6 million has been removed from Bitcoin during the past day. BTC worth about $107 million has been placed in the long position. At the time of publication, the average price of bitcoin is $18,754. But to reach $39.9 billion, its 24-hour trading volume has increased by 10%.

Over the previous day, the global cryptocurrency market has also declined by more than 4%. It is currently $952 billion.

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