WHY CRYPTO MARKET DOWN TODAY ? WHALES SELL-OFFS TRIGGER PANIC
Today, the crypto world is mostly in the red. Meanwhile, the total crypto market fell by 1% to $3.29 trillion. Bitcoin, the biggest crypto by market cap, dropped by 0.7% to $104,618.95 and its market value now stands at $2.08 trillion.
Even though the crypto fear index is steady at 55, it shows a neutral mood. So, what’s causing the downturn in the market?
Whale Activity Raises Concerns
One key reason is that the whales have started selling. These giant investors, who hold more than 10,000 BTC each, have been in profit-taking mode.
According to expert Willy Woo, some of these whales bought their Bitcoin as early as 2017, at dirt-cheap prices of $0 to $700. Now, with Bitcoin hitting long-term highs, they’re cashing in.
