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Bitcoin fell below $60,000 again on Wednesday, triggered by a significant amount of tokens transferred to popular crypto exchanges. This reversed the gains made over the weekend following the Fed Chair’s speech. The leading cryptocurrency decreased by more than 5% in the past 24 hours, dropping below $59,000.
The recent drop in Bitcoin’s price seems to have been caused by large holders, known as whales, who could be individuals or big institutions. Whale Alert, a company that monitors big crypto transactions using on-chain data, reported that a whale moved 2,300 Bitcoin, valued at around $141.81 million, to the Kraken exchange just before the price fell. Additionally, another 30,000 Bitcoin tokens, worth $1.88 billion at current rates, were moved from a cold wallet to the Binance crypto exchange on Tuesday, as reported by Whale Alert.
All eyes are on Nvidia’s earnings
Nvidia is scheduled to release its earnings report on Wednesday after the closing bell. The stock market eagerly awaits the report but is currently in the red. Similarly, the crypto market seems to be following the stock market’s trends, making investors cautious ahead of Nvidia’s (NVDA) financial results. The market’s direction is highly anticipated, leading to reduced activity in riskier assets such as Bitcoin.
It’s not just Bitcoin that is struggling
Ether, the second-largest cryptocurrency by market capitalization, also lost nearly 3% on Wednesday, hovering around $2,500. Other major cryptocurrencies, including Solana, Dogecoin, and Cardano, saw significant losses as well, with decreases of nearly 8%, 4.5%, and 4.5%, respectively. Overall, the global crypto market cap was at $2 trillion, representing a more than 4% drop in the past 24 hours.