The new Bitcoin drop is all over the latest cryptocurrencies news and we can see that BTC is in the four-digit area again, trading below $10,000 for the first time in a week. The price of the most dominant coin reclaimed the $10,000 mark shortly overnight but lost it again, seeing its price drop 5.35% to $9,853.
Right now, Bitcoin is trading at $9,933. The new Bitcoin drop also meant a lot of billions lost in the total cryptocurrency market cap. While the yesterday’s levels were at $306 billion, today the numbers show that the total coin market cap is at $291 billion and again in the lower regions.
The possibility of a downside break was enhanced with the new Bitcoin drop. According to data from Skew Analytics, the swift drop resulted in $90 million worth of liquidated leveraged positions at BitMEX.
However, what was most interesting for analysts overnight is what happened in the immediate aftermath of Bitcoin and its sharp price correction. On crypto Twitter, we saw many speculating that the new Bitcoin drop put some BTC whales at play.
Some were vocal in the Bitcoin news and pointed to a well known Bitcoin whale called Joe007 as one of the main players responsible for Saturday’s correction. The CTO at Bitfinex, Paolo Ardoino, posted an image from the Bitfinex leaderboard and tweeted:
“How to recover 10M in 5 minutes@J0E007.”
How to recover 10M in 5 minutes@J0E007 pic.twitter.com/LO9StuMTom
— Paolo Ardoino (@paoloardoino) February 15, 2020
Another popular analyst known for his handle @filbfilb posted in his Telegram group, pointing out that Bitcoin’s price dropped as a sell-wall was removed. He suggested that Joe007 took advantage of the thin order books over the weekend in order to slam the BTC price below $10,000 and cause the new Bitcoin drop.
“Looks like finex whale dumped,” filbfilb said.
This is not the first time a crypto whale is implicated in trading maneuvers that impacted the entire spot market. In December 2019, many pointed to Joe007 as he entered a bet with a Dogecoin trader to win 10,000 DOGE and then used an 800 BTC buy-wall to defend the $7,200 level.
If we see today’s analysis, the Bitcoin price must sustain above the moving average (MA) to give the bulls an opportunity to aim for the upper Bollinger Band arm at $10,516. BTC was not the only asset to undergo a sharp correction on February 15 – the entire altcoin community took serious drops and many alts saw double-digit percentage losses.
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