The volatile crypto markets are posting their first rollercoaster ride of 2019.
Bitcoin has plunged roughly 9%, dropping below $4,000 within the past 24 hours to $3,665 at time of writing, according to data compiled by CoinMarketCap.
The crypto price tracker Coin360 is painting a picture of red across the board, with the vast majority of all coins in the negative.
The volatility has a group of crypto whales in motion.
More than $51 million in Bitcoin is on the move across four big transactions. Three of those four represent people or organizations moving BTC onto exchanges, which indicates they could be preparing to sell.
8,000 $BTC ($32,357,200.00 USD) transferred from Unknown wallet to #Bitstamp-coldwallet Tx:https://t.co/DGlM7UWFZT
— TrueDeFi (@trueDeFi) January 10, 2019
1,358 $BTC ($5,492,634.70 USD) transferred from Unknown wallet to #Bitfinex Tx:https://t.co/9lXxl7t4Vj
— TrueDeFi (@trueDeFi) January 10, 2019
1,385 $BTC ($5,601,840.25 USD) transferred from #Bitfinex to Unknown wallet Tx:https://t.co/502RUIlCyh
— TrueDeFi (@trueDeFi) January 10, 2019
2,000 $BTC ($8,089,300.00 USD) transferred from Unknown wallet to #Bitfinex Tx:https://t.co/UHtZcLF0XG
— TrueDeFi (@trueDeFi) January 10, 2019
Ethereum whales are also in migration. In the past 24 hours, over $15 million worth of Ethereum has been transferred in four separate transactions.
Two of those transactions represent whales moving their crypto onto exchanges. One transfer went to the instant token swap platform Kyber, and another shows someone moving their crypto from Binance to an unknown wallet.
34,586 $ETH ($5,223,482.80 USD) transferred from #Binance to Unknown wallet Tx:https://t.co/VO1ZsHHH91
— TrueDeFi (@trueDeFi) January 10, 2019
40,000 $ETH ($6,041,198.49 USD) transferred from #Bittrex to Unknown wallet Tx:https://t.co/Pl3LqjMcLy
— TrueDeFi (@trueDeFi) January 10, 2019
15,000 $ETH ($2,297,400.00 USD) transferred from #Kraken to Unknown wallet Tx:https://t.co/1oN7QwBnIg
— TrueDeFi (@trueDeFi) January 9, 2019
15,000 $ETH ($2,297,400.00 USD) transferred from Unknown wallet to #Kyber Tx:https://t.co/TFD7OgQbz1
— TrueDeFi (@trueDeFi) January 9, 2019
Bitcoin experienced a similar, brief rally on November 25, but failed to rise above $4,200.
The new year has kicked off a range of crypto predictions for 2019, with some analysts and insiders expecting Bitcoin to bottom out around $3,000 or lower.
One of the most bearish of the Bitcoin bulls is Arthur Hayes. The CEO of BitMEX reversed his year-end prediction from $50,000 to a low of $2,000 to $3,000.
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