Bitcoin Selloff Steadies as Traders Debate Potential BTC Whale Dump
Investing.com
Published Mar 15, 2021 03:57PM ET
By Yasin Ebrahim
Investing.com – The selloff in Bitcoin steadied Monday amid a heated debate in the cryptosphere on whether a large holder, or whale, was preparing to dump more than a billion dollars worth of bitcoin, pushing down the price.
BTC/USD fell 5.6% to $56,383 after hitting a high of $61,468 on Sunday.
The latest selloff comes as a large initial crypto transfer of about 18,961 BTC bitcoin was spotted making a move on the blockchain to an address that some speculate belongs to a wallet on crypto exchange Gemini.
Despite the debate over whether the transaction was an internal flow on the Gemini exchange or an external flow into the exchange, the latest selloff served as a reminder that wild-swinging assets and leverage don't mix well, when a trade goes awry.
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