Bitcoin sales by Miners didn’t allow to exceed the $ 20,000 mark

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Kataryna Habeliia December 2, 2020

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Bitcoin sales by miners didn’t allow to exceed the $ 20,000 mark

Earlier this week, Bitcoin was able to make a historic breakthrough on some marketplaces, hitting the highs of December 2017.

However, BTC could not hold on to the conquered positions. Already on December 1, the coin rolled back as part of the correction. On Wednesday, December 2, the bitcoin rate fell to $ 18,450. The capitalization of the largest cryptocurrency is now just over $ 343.385 billion.

CryptoQuant CEO Ki Young Ju said he had previously warned players on Twitter that a correction was imminent.

The return of BTC to exchanges was an alarming signal. The cryptocurrency was sent by large addresses associated with mining pools. It was this kind of activity that triggered a Bitcoin rollback below $ 17,000.

Earlier, the IntiTheBlock team reported that “whales” sold their bitcoins when the price reached $ 19,300. It was these sales that provoked such an unpleasant drop.

93,000 BTC were placed on centralized platforms, the researchers stressed. Usually, an increase in the exchange balance of a cryptocurrency precedes a negative correction in the market.

However, there is no reason to panic, analysts say. In the long term, Bitcoin is still set to renew its highs.

The Santiment team found that the influx of Tether stablecoins to exchanges has increased over the past ten days. Such a tool is used to enter BTC investors. Based on these data, experts predict the preservation of the upward dynamics of BTC movement.

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