While Bitcoin (BTC) is still considered an extremely important investment tool by many experts in the long run, the price of leading crypto money has dropped unexpectedly in the past few days, shocking the crypto community. While Bitcoin (BTC) price has recovered somewhat in the last 12 hours and moved sideways at $ 5,000, questions continue to be asked about what or what caused the big crash apart from the new coronavirus, and different answers.
Speculation Disclosed
On March 12, Bitcoin price fell from $ 7,983 to $ 5,713 in a short period of time and fell to $ 3,600 the following day. With this decline, the value of the biggest cryptocurrency lost nearly 55 percent. While many say this is the result of collapse in global exchanges due to the new coronavirus, many speculations about the collapse have been raised.
During the collapse of Bitcoin price, the movements of whales with high amounts of BTC attracted attention. According to market information provided by Arcane Research, 1000 BTC, which has been inactive since 2010, took action and was sent to 55 different wallets on March 12.
“PlusToken” Continues to remain a Question Mark
According to Arcane Research, another remarkable whale movement was registered on March 7-8 with a transfer of 13,000 BTC made from PlusToken wallets. PlusToken, the biggest fraud in crypto history, is estimated to have $ 2.9 billion in BTC. According to previous market data, transfers determined from PlusToken wallets historically coincided with big sales in the market, causing sudden Bitcoin price drops.
Although Bitcoin is designed as a decentralized and democratic currency, the presence of whales with large amounts of BTC makes things difficult in cryptocurrencies. According to Arcane Research’s “Digital Assets Data Report”, the amount of BTC in whale wallets increased every year. The year 2020 was not much different from the previous years in terms of whales increasing their assets.
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