2022 – Market makers run bots to sell BTC on Coinbase by CoinQuora

© Reuters. Market Makers Run Robots to Sell BTC on Coinbase

  • Data from CryptoQuant shows that market makers (MMs) ran trading bots to sell (BTC) on Coinbase (NASDAQ:).
  • According to CoinMarketCap, the price of BTC is down 11.13% in the last 24 hours.
  • BTC price action has driven down the prices of the popular altcoins over the past 24 hours.

According to data from CryptoQuant, market makers (MMs) have been running trading bots to sell Bitcoin (BTC) on Coinbase over the past 45 days. Continued BTC selling has led to a smaller price drop in the past 24 hours, according to crypto market tracker CoinMarketCap.

Market makers sell BTC using bots on Coinbase Source: CryptoQuant

According to CoinMarketCap, the price of BTC is down 11.13% in the last 24 hours. This contributes to a decrease of more than 30% in the last 7 days. The market leader currently has a market capitalization of around $344.91 billion, and at the time of writing, the price of BTC has fallen below $20,000 to $18,127.80.

This is the first time since 2020 that the price of bitcoin has fallen below the $20,000 level, a level that was set as the all-time high in 2017.

Looking at other stats for the largest cryptocurrency by market capitalization, the 24-hour trading volume increased by 78.01% to a total of $44,605,716,357.

The BTC price drop has driven down prices across the rest of the crypto market, as all major cryptocurrencies have also seen their prices plummet in the past 24 hours. Ethereum (ETH) price is down 11.58%, (BNB) is down 9.54%; (ADA) is also down 8.82% and 5.29%.

(DOGE) and (SOL) also fail during this time. However, SOL decreased by only 1.68%.

Disclaimer: The opinions and opinions expressed in this article are solely those of the author and do not necessarily reflect those of CoinQuora. Nothing in this article should be construed as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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