Bitcoin Price Dips, See the Reason (May 16)


Bitcoin Price Dips, See the Reason (May 16)

Bitcoin Price Dips – World’s most popular crypto, Bitcoin took a dip and is down about 2% in the last 24 hours. Cryptocurrency tracking service Whale Alert revealed on Twitter that a significant amount of Bitcoin was moved from Coinbase to an unknown wallet on May 15.

This transfer happened right after Bitcoin slightly dipped below $27,000 USD.

Two separate Bitcoin (BTC) transfers from Coinbase

Whale Alert reported that two individual transactions carrying a significant amount of BTC particularly 11,533 BTC (worth 316,300,407 USD with current BTC price) and 11,347 (worth 311,198,260 USD) were made from Coinbase to an unknown wallet. Both transactions totaled a massive $627,498,667 USD.

Also, Whale Alert equally found an amount of Bitcoin transferred into Coinbase. Two different transactions carried over 42,000 BTC over to the U.S. crypto exchange.

Read Also:

The transactions show that two anonymous wallets sent equal amounts of Bitcoin 1,627 BTC (3,344 USD) each to the top crypto exchange. Similarly, two transactions sent 19,635 ETH (worth 35,910,436 USD) each to Coinbase.

Bitcoin Price Dips, See the Reason (May 16)

Possible reasons for Bitcoin’s 2% price dip

Following the news of the popular crypto lending platform BlockFi’s plans to liquidate its business, Bitcoin’s price reacted with a sharp 1.9% dip. Since January, the company has been trying to sell its cryptocurrency platform and about 700,000 customer accounts. BlockFi points to regulatory difficulties as the primary driver of this choice. These efforts, however, have not been successful. Back in November of last year, BlockFi declared bankruptcy.

BlockFi is one of the many cryptocurrency firms that has shut down since the start of the year. Terraform Labs, its Luna token, and UST stablecoin all collapsed in 2022, followed by Three Arrows Capital in the summer. Alameda Research and the FTX exchange, which owned it, shut down in November. Genesis and Digital Currency Group are also on the list, not forgetting Voyager which filed for bankruptcy in July 2022.

Bitcoin (BTC) price today

According to data from CoinMarketCap, Bitcoin (BTC) is currently trading at $27,062.04. It is down 1.27% in the last 24 hours. Bitcoin is the most popular cryptocurrency, and as such, it is ranked #1 on the CoinMarketCap chart. It has a live market cap of $524,629,294,927 USD and a max supply of 21,000,000 BTC coins.

Special Offer (SPONSORED)

Binance Free $200 (Exclusive): Use this link to register and receive $200 free trading fee credit (terms).

"3Commas Trading Bot" Special Offer: Use this link to Sign up with 3Commas and get 10% off your first monthly subscription.

Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.