No, A Whale Didn’t Cause Bitcoin To Crash Overnight

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Bitcoin price is down more than 10% from the weekend’s new all-time high set above $60,000 after an overnight selloff. The now sizable correction was first assumed to be a massive whale dumping more than $1 billion in BTC on crypto trading platform Gemini, but ultimately turned out to be something else. Here’s what actually caused the correction, and why the market was so easily shaken by what was ultimately a non-event. Whale Watching: Bitcoin Price Slides More Than 10% After $1B BTC Transfer Bitcoin price broke above resistance this weekend, causing the leading cryptocurrency by market cap to blast off to a new record high of $62,000. The breakout pattern appeared similar to the rise from the previous range, but due to the lack of momentum matching the post-Tesla BTC buy, price action has since toppled over. The initial cause of the selloff was due to alerts triggering that…

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