Market Makers Have Been Running Bots To Sell BTC On Coinbase
CoinEdition
Published Jun 19, 2022 04:32AM ET
Updated Jun 19, 2022 05:00AM ET
Market Makers Have Been Running Bots To Sell BTC On Coinbase
- Data from CryptoQuant shows that market makers (MMs) have been running trading bots to sell Bitcoin (BTC) on Coinbase (NASDAQ:COIN).
- According to CoinMarketCap, BTC’s price has dropped 11.13% in the last 24 hours.
- BTC’s price movement has dragged prices of popular altcoins down in the last 24 hours.
According to data from CryptoQuant, market makers (MMs) have been running trading bots to sell Bitcoin (BTC) on Coinbase for the last 45 days. The continued selling of BTC has seen its price drop even lower in the last 24 hours according to crypto market tracker CoinMarketCap.
Market makers sell BTC with bots on Coinbase Source:CryptoQuant
According to CoinMarketCap, BTC’s price has dropped 11.13% in the last 24 hours. This adds to its over 30% drop over the last 7 days as well. The market cap of the market leader currently stands around $344.91 billion and, at the time of writing, the price of BTC has broken below $20k to $18,127.80.
This is the first time since 2020 that BTC’s price has broken below the $20k level, which is a level that was set as an all-time high back in 2017.
Looking at other statistics for the largest crypto by market cap, its 24-hour trading volume has risen 78.01% to take the total to $44,605,716,357.
BTC’s price drop is dragging down prices in the rest of the crypto market as major altcoins all experienced a drop in price too over the last 24 hours. Ethereum’s (ETH) price has dropped 11.58%, Binance Coin (BNB) is down 9.54%; Cardano (ADA) is also down by 8.82%, and XRP 5.29%.
Dogecoin (DOGE) and Solana (SOL) are also down during this time period. However, SOL is only down 1.68%.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
Continue reading on CoinQuora
Get The News You Want
Written By: CoinEdition
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.