Bitcoin News Today – Headlines for October 24

  • Bitcoin Whale Trades on Bitstamp Is Blamed for Bitcoin (BTC) Price Plunge
  • Whales Sold Large Quantities of BTC on Bitstamp While Betting that BTC Would Fall on BitMEX

Bitcoin News Today – Bitcoin has not posted any major upward or downward trend over the past month. The digital currency has been hovering around the $8k level for about five weeks now. However, the digital currency could no longer hold its major support level and it has plunged below the $8k level heavily.

The world’s most dominant digital currency just broke below the $7,500 mark. The massive plunge in the price of Bitcoin (BTC) is attributed to a series of factors. Some are blaming the recently minted 30 million USDT tokens by Tether while some are putting the blame on the whale trade on Bitstamp exchange.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$36,417.00
-3.45%

Bitcoin Whale Trades on Bitstamp Is Blamed for Bitcoin (BTC) Price Plunge

A series of BTC whale trades on the digital currency trading platform, Bitstamp, is being blamed for the recent breakdown in Bitcoin price. The price of the digital currency plunged from about $8,180 to $7,440. According to a report by Trusnodes on Wednesday, about 400 Bitcoins were traded in a space of four minutes of BTC’s seven percent plunge.

The huge sell-off might have triggered a domino effect that pushed the price of the digital currency lower across all digital currency trading platforms. About 124 Bitcoins were traded at 12:41 London time, pushing BTC to USD price to $7,700 from $7,900. While the digital currency tried to bounce back, it met another major sell-off of 115 BTC, and this brought the price of Bitcoin to $7,600.

The digital currency experienced two more huge selloffs around 75 Bitcoin each. This caused more havoc and pushed the price of the digital currency below the $7,500 mark. All these transactions took place in about four minutes.

Whales Sold Large Quantities of BTC on Bitstamp While Betting that BTC Would Fall on BitMEX

BitMEX, a derivatives trading platform, bases its index price for Bitcoin on data from Coinbase and Bitstamp. This gave whales a potential incentive to sell huge amounts of BTC on Bitstamp while placing bets on BitMEX that the price of Bitcoin would fall.

There are also speculations that big players on Wall Street could be incentivized to trigger a digital currency flash crash. Some analysts are also saying that the testimony of Mark Zuckerberg before lawmakers in the United States is another possible reason the price of Bitcoin (BTC) plunged below the $8k level. At the press time, Bitcoin is changing hands at $7,476 after a decrease of about 7 percent over the past day, according to CoinMarketCap.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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