Opinion: Yesterday's BTC Drop Was Caused By One Mining Pool
Yesterday's rapid rollback of the first cryptocurrency BTC was triggered by the sale of 2293 coins by a little-known mining pool once the rate reached $10,100.
Minus $1000 within minutes
According to Crypto Quant CEO Ki Young Ju, the sale of such a large number of coins was the main reason for the rapid fall of the BTC rate to $9100.
Ki Young Ju tracked the sale of Bitcoin for more than $21 million by a little-known mining pool just at the time of the formation of a new local peak.
A similar case occurred just recently, May 20. A Twitter user with the nickname MeanHash suggested that crypto miners sold BTC for $6 million in just 20 minutes, thus provoking a significant quote reduction.
Miners rule the market
These cases show how much the crypto market depends on the largest sellers, which are miners. But Ki Young Ju believes there's no need to panic; other pools are unlikely to follow the example. As practice shows, most crypto miners adhere to hold tactics.