On Thursday, the price of Bitcoin has fallen suddenly over $350. The value of the coin has dropped almost 300 dollars in the duration of a mere thirty minutes.
The token was trading well before this loss and now it suddenly has plummeted with this ratio. There are some reasons which are responsible for this so much loss of the coin. These possible reasons are given below:
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- Bitcoin is following the Technical Analysis
- Transfer of Bitcoins to an Unknown Wallet
- Whales are dumping BTC
- Announcement of Fed
Bitcoin is following the Technical Analysis
The token is currently following the pattern of technical analysis due to which it was unable to cross the resistance level and as a result, the price of the coin decreased down.
— CryptoHamster (@CryptoHamsterIO) September 19, 2019
Because of this, the coin has dropped into the bearish zone.
Transfer of Bitcoins to an Unknown Wallet
Another reason behind the drop in BTC price is the transfer of the coin into an unknown wallet. According to the whale alert report, the amount of $79 Million (7,800 BTC) was moved from one unknown wallet to another unknown wallet. This could be the reason for the coin’s $350 crash. The purpose of this transaction is not revealed but the reason may be the launch of the Bakkt program.
Whales are dumping BTC
Crypto whales seem to be interested in dumping their bitcoin. Whales are making efforts to restrict the upsurge of altcoins, so they are dumping their bitcoins. But this dumping of the bitcoin resulted in the loss of the coins. On Thursday 19th Sep, the altcoins like Ripple, Ethereum, Bitcoin Cash, Stellar Lumens, and Litecoin suddenly moved up while the BTC could not raise itself.
Announcement of Fed
On Wednesday, the Fed made the announcement revealing the rate-cuts. These current rate-cuts were not supporting the BTC as the Fed decision was already expected by the crypto community. Central Bank of America is not giving more easy cuts in the future which has created problems for the Bitcoin and also has caused disappointment in the crypto traders.
So this is also the reason behind this $350 loss of token as the value of the coin dropped a few hours later the announcement of Fed.