Bitcoin crashed 6% because of whale activities, Here is the expected next move

Following the on chain movement of 11,739 BTC by an unknown Bitcoin whale, the trade price of Bitcoin crashed within a couple of hours. Analysts called this moment an opportunity to accumulate some Bitcoin. 

The current trade price of Bitcoin (BTC), the top crypto asset by market cap, is $41,198 & this trade price is 3.55% down over the last 24 hours’ trade price. 

This sudden downfall in the trade price of Bitcoin took place because of whale activity in the Bitcoin market.

WhaleAlert, high bitcoin amount tracker company, reported that an unknown whale sent 11,739 BTC worth $490.45 million to the popular American Nasdaq-listed cryptocurrency exchange Coinbase.

The majority of the people considered that Whale would sell his deposited Bitcoin amount and the whole thing resulted in a very big panic sell pressure in the Bitcoin market.

Notably the trade price of Bitcoin crashed 10.7% in the last 7 days in step-by-step phases.

Bitcoin spot ETF overtakes Silver 

As we know newly launched Bitcoin spot ETF products in the US have just overtaken the silver market but still Gold is at top position with a marketcap of $95 billion.

In an interview with Fox Business, Ripple CEO Brad Garlinghouse said that approval of Bitcoin spot ETF products by the United States Securities and Exchange Commission (SEC) is a very big deal and here more important thing is that in large part it is further validation from institutions, and this case, a government entity. 

He also said that in the future we will see the approval of several other crypto ETF products however he wisely ignored the questiom on XRP spot ETF possibilities.

Read also: Singapore Central Bank says they will not approve Bitcoin spot ETF for retail investors