U.Today – The cryptocurrency market experienced the second largest liquidation event in history today, with around $700 million in buy orders disappearing overnight. This occurred when the price of fell below $54,000, setting off a chain reaction that further destabilized the market.
Such a large-scale liquidation would not only push down prices, but would also create panic among investors, increasing selling pressure and leading to further liquidations. The current market situation looks grim, and experts are predicting a slower recovery than in the past.
Amid the turmoil, a surprise transfer drew attention when a transaction worth 11,302 BTC (worth $624 million) was detected moving between unknown wallets. The massive transfer further spooked investors already spooked by market volatility.
The timing of the transfer coincided with FUD surrounding Mt. Gox refunds and large-scale sell-offs by entities such as the German and US governments. The movement of such a large amount of Bitcoin in these circumstances has further fueled speculation about the intentions behind the transfer and its potential impact on market stability.
But surprisingly, Arcam identified these wallets as belonging to BitMEX, one of the major and oldest cryptocurrency exchanges.
As the market moves through this chaotic timeline, the actions of key players and investor perceptions will be crucial in determining the trajectory of cryptocurrency prices in the near future.
This article was originally published on U.Today
