The decline of the crypto currency sector, which has been going on for almost 7 days, is progressing as if it will never end. The cryptocurrency market is especially Bitcoin’s (BTC) Although it is completely painted in red after its decline to the level of 30.000 dollars, the sector manages to surprise investors with a new blow every time it rises.
Bitcoin Has Retreated to the 30.000 Dollar Band Again
Bitcoin has started trading at the level of $ 35,000 today, although it has risen again to the level of $ 40,000 after falling to $ 30,000. BTC, after trading at $35.000 for a while, fell hard again with a single news that came today.
Paolo Ardoino, CTO of Bitfinex, one of the largest crypto currency exchanges in the world, announced the large transfers to Bitfinex’s cold wallets. Ardoino noted that more than 12,000 BTC, more than 200,000 ETH have been sent to the exchange. Stating that this does not necessarily mean pressure to sell, Ardoino pointed out that they may also have been sent to increase the security in futures transactions.
The Decline Has Affected Altcoins Very Hard
After Ardoino’s statement, Bitcoin retreated sharply to the level of 31.000 dollars. This decline hit altcoins the most, and the decline of crypto currencies such as DOT, AVAX, LINK reached 50%.
The DOT price fell by 66% in 7 days, LINK by 61% and AVAX by 63%. The average decline experienced by these within 24 hours has reached over 40%. As of the moment of writing this article, the Ethereum price is trading at $1,791, while Bitcoin is being bought and sold at $31,710.