Bitcoin (BTC), the world's largest cryptocurrency, has fallen to the $18,600 price level in the most recent 3-month trading period.
Although the market showed a slight price bounce yesterday, the massive sell-off has managed to rock the cryptocurrency market globally.
According to experts, the number of whales depositing their BTC on the exchange has increased dramatically as data shows that around 90% of deposits on the exchange are from whales.
At the same time, Ki Young Ju, CEO of Cryptoquant stated that around 15,000 BTC were transferred within ten days, while part of it was sent to crypto exchange Kraken.
In a report as well, BTC is assessed hovering at the $20,000 price level this week where that level is BTC's highest price zone in 2017.
The price of BTC is down around 6% in the last 24 hours and before the BTC price drop, the ratio of whales has skyrocketed including whales actively depositing BTC on the exchange.
In addition to that, the market is showing a bearish pattern even though the ratio is still high and rising.
Currently, BTC is trading at an average price of $18,754, however the 24-hour trading volume has jumped 10% to $39.9 billion.
