Following one of its best months in years, Bitcoin realized a steep correction which drove the price down below $8,000. As its almost always the case with sharp and notable BTC price movements, concerns of price manipulation didnt take long to emerge.
Shortly before the sudden drop in Bitcoins price, a significant amount of BTC was moved to Coinbases exchange wallet from an unknown wallet. The transaction can be seen here. The total amount of 25,160 BTC, at the time of the drop, was worth around $215 million.
https://cryptopotato.com/the-reason-why-bitcoin-plunged-25000-btc-215-million-transferred-to-coinbase-shortly-before/
Shortly before the sudden drop in Bitcoins price, a significant amount of BTC was moved to Coinbases exchange wallet from an unknown wallet. The transaction can be seen here. The total amount of 25,160 BTC, at the time of the drop, was worth around $215 million.
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There has been a single order that has been algorithmically-managed across these three venues, of around 20,000 BTC. If you look at the volumes on each of those three exchanges - there were in-concert, synchronized, units of volume of around 7,000 BTC in an hour.
https://cryptopotato.com/the-reason-why-bitcoin-plunged-25000-btc-215-million-transferred-to-coinbase-shortly-before/