The price of Bitcoin has fallen again. It broke below the $57,000 mark and reached a low of $55,800. The incident occurred after coins were transferred, which have been inactive for 8 years.
BTC/USD chart shows that the bitcoin price dropped to $55,800 in just a few hours after its peak of $60,000 today. Previously, the price attempted a slight recovery at $59,000 before a sharp drop to $55,800 followed.
Currently, the bitcoin price has recovered slightly and is trading at $57,000.
The actual cause of this fall is unknown but it happened after 1,299 coins were transferred that had not been active since 2013.
This has led many traders to fear that such a transfer could mean a return of investors who have been in the bitcoin space since the early days of the bitcoin era and that more coins from that time could enter the market.
However, we will have to wait and see where the price of Bitcoin will go.
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Tuesday, November 23, 2021