I read of someone transferring a billion dollars worth of bitcoin and some people speculated that if it hits exchanges, it would cause bitcoin to drop.Do you guys think this is the cause or maybe it's just a bear trap?
It is very common to try to attribute what it is happening to the market to a single source but that is not accurate, the volume had been weak for weeks and people have been speculating with a decrease in the price for some time, so no one was really surprised by the direction the market took, the only surprise was how fast the price began to go down but it was to be expected as panic took control of the market and many people did not wanted to hold their coins in the case the price crashed as hard as it did a few years ago.