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The price of Bitcoin seems to have dropped so much that many traders are now unaware of it. The incident occurred after 11 years of inactive coins were transferred.
According to TradingView’s BTCUSDT chart, the bitcoin price fell sharply at 1:30 am PST this morning. It fell from a high of $61,450 to $57,950 in just a few hours. Before the price tried to recover to the $61,000 level.
Nobody knows the real cause of this fall, but it happened after transferring coins that were not active since 2011. The transfer amount is 50 BTC.
This has led to concerns that such a transfer could mean a return from traders from the early days of Bitcoin’s inception, and could bring more coins of that era for sale.
However, we will have to wait and see what these dealers will do with the coins.
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Friday, October 29, 2021