Bitcoin price crashed below $30,000 on Monday as the world’s largest cryptocurrency lost $50 billion in market cap within hours. An anonymous Bitcoin user transferred 9,156 BTC worth nearly $300 million on Monday just an hour before the crash started.
According to the details provided by Whale Alert, a blockchain tracker and analytics system, an unidentified crypto holder transferred 9,156 Bitcoin on Monday 4 Jan 2021 06:59:39 UTC, hardly an hour before the recent dip in the cryptocurrency market.
The Bitcoin user shifted the amount to an unknown wallet and has not been spent since then. Similar transactions were reported by Whale Alert earlier today when anonymous cryptocurrency users transferred 4,000 Bitcoin and 2,000 Bitcoin respectively in two separate transactions.
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The volatility in the crypto market has increased significantly since the start of 2021, the price of Bitcoin jumped above $34,000 on Sunday and recorded a massive gain to reach an all-time high level. Finance Magnates earlier reported about Ethereum breaching the $1,150 mark as the world’s second-largest cryptocurrency gained more than 30% in 24 hours.
The price of Bitcoin dipped below $30,000 on Monday after the recent correction triggered a $70 billion sell-off in the crypto market. Bitcoin is currently trading above $30,000 as the market cap of the world’s largest cryptocurrency dipped from $615 billion to $560 billion. Ethereum on the other hand is currently trading below $1,000, a significant drop from $1,150. The recent price rise in Bitcoin and Ethereum not only helped retail investors but also pushed the value of Grayscale’s crypto assets under management to a new high. Last week, the world’s largest crypto asset manager reported that the total value of its assets under management jumped above $20 billion. The latest data from Bybt shows that the value of Grayscale’s crypto assets under management has crossed $23 billion.
The recent market crash in cryptocurrencies shows that the market is set for a volatile 2021 due to growing demand and an uncertain regulatory environment.