A recently shared Glassnode chart showed that $ 1.2 billion worth of Bitcoin was withdrawn from Binance after BTC dropped to $ 51,000 on Sunday.
In less than an hour, the value of bitcoin dropped by almost 20 percent from $ 60,000 to $ 51,000.
Graphics provided by the popular analysis company Glassnode; It shows that 20,952 Bitcoin was moved from the Binance exchange on Sunday, April 18, 10 minutes after the price of the flagship cryptocurrency fell.
$ 1.2 Billion BTC Withdrawn from Binance
Moskovski Capital’s CIO shared the above picture of the massive BTC drop caused by an unconfirmed tweet posted on Sunday. Lex Moskovski, who shared the chart, asked Binance for an official comment, but the exchange representative did not respond. In the comments, users assumed that someone bought this spectacular amount of Bitcoin at the bottom.
This unapproved tweet in question, the US Treasury’s; He claimed he had plans to accuse several financial institutions of money laundering using cryptocurrencies. An hour after the publication of this message, Bitcoin exhibited a massive Red Candlestick and altcoins went even deeper.
Overall, the tweet caused $ 288 billion to be deleted from the cryptocurrency market.
9,000 BTC In Before The Decline, 20,700 BTC Out After The Decline
Analyst Willy Woo also commented on yesterday’s Bitcoin drop and shared that it was due to the huge drop in the Bitcoin hash rate in China, the biggest since 2017.
He also tweeted that according to a Glassnode chart, 9,000 Bitcoins were moved to Binance before the crash occurred, then 20,700 BTC was withdrawn after the price fell, and BTC lost almost $ 10,000 in an hour. He assumed that both transfers could have been made by the same whale.
At the time of writing, the flagship cryptocurrency Bitcoin reached the level of $ 56,472.