Bitcoin [BTC], the largest cryptocurrency in the market, continued on its upward trajectory in the first half of 26 April. However, this momentum came crashing down in a matter of minutes.
The coin had broken past the $30,000 barrier and reached a high of $31,050 on Coinbase. But, this gain was lost within minutes with the coin crashing to a low of $27,230 on the American exchange.
According to CoinMarketCap, at press time, BTC was trading at $27,607.55 with a market cap of $543 billion. The trade volume of the king coin was over $29 billion. And, it had registered a loss of over 5% in the past hour.
BTC crash lights up the market
The sudden crash resulted in the market speculating on the reason behind the action. A tweet by Arkham Intelligence – a blockchain intelligence firm – pointed to a recent move made by Jump Trading. The intelligence platform stated that Jump Trading had moved $26.6 million in BTC to exchanges.
A majority of the funds, amounting to $23.7 million in BTC were moved to Binance – the largest crypto exchange in the world. In addition, $2.18 million in BTC was sent to OKX, and around $720k in BTC to Bybit exchanges.
In the past hour, Jump Trading deposited a total of $26.6M of BTC to various exchange deposit addresses.
The main exchange deposited to was Binance, with Jump sending $23.7M to their BTC deposit address there.
However, they also sent $2.18M BTC to OKX and $720K BTC to Bybit. pic.twitter.com/AzoSeQMF55
— Arkham (@ArkhamIntel) April 26, 2023
Notably, a Tweet by DB – a crypto news alert Twitter handle, stated that the same intelligence firm had tipped another alert. This time, the Arkham Alert claimed that the US Government and Mt Gox wallets started making transactions. However, according to Bitinfocharts, none of the Mt Gox wallets had made any transactions. Meanwhile, the claims on US Government making transactions remain unconfirmed as the firm has not presented any transaction ids.
The story is still developing.
Source: https://ambcrypto.com/the-latest-btc-crash-has-everyone-in-the-market-speculating-why/