Bitcoin as a cryptocurrency underpinning a blockchain network secured by miners leaves the asset’s price susceptible to sell pressure from the very parties that keep it chugging along.
It very well could be BTC miners dumping some Bitcoin for profits or to cover operating expenses that prompted the fall in the cryptocurrency’s valuation today.
Are Bitcoin Miners Behind Today’s Selloff And Fall From $11,000?
According to a bulletin from CryptoQuant Alerts Beta on Telegram – a tool used to track suspiciously large or notable inflow and outflows of BTC – miners could be behind today’s dump.
Just as prices began to struggle to maintain highs near $11,000, over $6 million in BTC may have been sent from miner to a cryptocurrency exchange where it was market sold.
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The alert tool makes mention of when large sums of BTC is moved from wallet to wallet, paying closest attention to miners, “whales,” and exchanges. These largest players in the space can have a dramatic effect on the market when they move their Bitcoin.
And it could be why the crypto market dropped today.
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