© Reuters. Market makers launched bots to sell BTC on Coinbase
- Data from CryptoQuant shows that market makers (MM) launched trading bots to sell (BTC) on Coinbase (NASDAQ:).
- According to CoinMarketCap, the price of BTC has fallen 11.13% in the past 24 hours.
- BTC’s price movement has caused prices for popular altcoins to decline over the past 24 hours.
According to data from CryptoQuant, market makers (MMs) have launched trading bots to sell Bitcoin (BTC) on Coinbase in the past 45 days. The continued sell-off of BTC has seen its price drop even lower in the past 24 hours according to crypto market tracker CoinMarketCap.
Market makers sell BTC with bots on Coinbase Source: CryptoQuant
According to CoinMarketCap, the price of BTC has fallen 11.13% in the past 24 hours. This also adds to its decline of more than 30% over the past 7 days. The market leader’s market capitalization currently stands at around $344.91 billion, and at the time of writing, the price of BTC has fallen below $20,000 to $18,127.80.
This is the first time since 2020 that the price of BTC has broken below the $20,000 level, which is a level that was set as an all-time high in 2017.
Looking at other stats for the largest crypto by market capitalization, its 24-hour trading volume increased by 78.01% to bring the total to $44,605,716,357.
The drop in BTC prices is causing prices to drop across the rest of the crypto market, as the major altcoins have all also seen price declines in the past 24 hours. Ethereum (ETH) price fell 11.58%, (BNB) is down 9.54%; (ADA) is also down 8.82% and 5.29%.
(DOGE) and (SOL) are also down during this time. However, SOL is only down 1.68%.
Disclaimer: The views and opinions expressed in this article are solely those of the author and do not necessarily reflect the views of CoinQuora. Nothing in this article should be construed as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
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