Cryptocurrency

This Whale Dumped Bitcoin, Ethereum and Ripple!

Bitcoin price attempted another recovery on July 8, but encountered another setback. The price has been down slowly since then and hit the $32,300 levels. At the same time, many altcoins also experienced a decline. This is believed to be because a trader attempted to short with 5,000 BTC. It is thought that this move of the trader created short-selling pressure in the market.

(mtag101702)

Bitfinex short selling pressure with whale reflected on Bitcoin price

(mtag101702)

Bitcoin dropped to $32,000 during today’s process session, notably after BTC failed to break the key $35,000 resistance. This price action also coincides with the detection of short positions processed on the major cryptocurrency exchange Bitfinex. A whale account has debited a total of 5,219 BTC (worth about $173,000), and that number is still growing. Many of the short positions are unprotected. In this regard, blockchain researcher Wu Blockchain tweeted:

(mtag101702)

According to Datamish information, as of 13:00 Beijing time, an account (or institution) had to borrow BTC to open a short position on Bitfinex. He has borrowed a total of 5,219 BTC as of 3:03 p.m. and the number continues to rise. Many of the short positions are unprotected.

(mtag101702)

At the time of writing, the total number of short statuses on Bitfinex has increased by 160 percent in about two hours. However, according to Bybt information, shorts on Bitfinex are still stable. The significant rise in Bitfinex short contracts is attributed to Bitcoin’s current decline.

(mtag101702)

ETH, BNB, XRP and ADA also dropped

(mtag101702)

The whale process at Bitfinex has led to a decline in major altcoins as well as Bitcoin. Cryptocoin. com

According to data, Ethereum, the second largest cryptocurrency, has dropped 8. 6 percent in the last 24 hours and is trading at $ 2,178. Binance Coin (BNB), which is in the sixth place by market price, lost 5.3 percent and fell to $ 317.7. Cardano (ADA) lost 4 percent. Finally, XRP fell by 6.6 percent and hit the levels of $ 0.62.

(mtag101702)

Disclaimer: Cryptocoin. The articles and articles on com do not constitute investment advice. Cryptocoin. com does not recommend buying or selling any cryptocurrency or digital asset or Cryptocoin. com is not an investment advisor. Hence Cryptocoin. com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.

(mtag101702)

Notice: Cryptocoin. Citing the news content of com and quoting by giving a link Cryptokoin. com’s permission is natural. No content on the site can be copied, reproduced or published on any platform without permission. Cryptocoin. Legal proceedings will be initiated against those who use code, design, text, graphics and all other content of com in violation of intellectual property law and relevant legislation. .

(mtag101702)

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button