Bitcoin Saw a Quick Dip After 7 Up Market Days

Bitcoin Saw a Quick Dip After 7 Up Market Days

Bitcoin Saw a Quick Dip After 7 Up Market Days

$BTCUSD

Tuesday 17 April, Tax Day in the US, saw a fast dip with 1 big seller disposing of  which could have been the result of what is though to be 1 seller dumping $50-M worth of the digital currency.

The balance in an anonymous digital account valued at $1.49-B fell by 6,500 Bitcoin Tuesday, with the average sale price sale being $8,146.70, a total value of just over $50-M, according to the discernible market data.

The sale comes a day after the 3rd-largest wallet, which purchased over $400-M of Bitcoin in February, sold 6,600 Bitcoin at an average price of $8,026. All told, 2 holders sole over $100-M of Bitcoin within a 24 hr frame.

Initial reaction was to point the finger at New York Attorney General Eric Schneiderman, who announced he was launching an inquiry into 13 cryptocurrency exchanges, seeking information including exchange fees, volume data and procedures around margin trading. But it became clear that was not the case.

Past selloffs in Bitcoin have been blamed on sizable single-user selling.

On 12 April, the 2nd-biggest Bitcoin wallet sold $38-M of the #1 digital currency, all of this presumably to pay US federal capital gains taxes on the last day + the allowed extension.

Currently, Bitcoin is selling at: 7,921.9951, -91.1201, or -1.14%, as of 4:37a BST, the market is open.

Notably, there are serious bids under this market.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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