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Crypto traders are blaming a Bitcoin whale for causing the market’s recent $22 billion tumble.
In the aftermath of Monday’s sharp drop in the price of Bitcoin, which brought the leading cryptocurrency from $8,509 down to $7,971 in the span of about an hour, whale watchers are pointing to a peculiar move of 25,160 BTC to Coinbase as the potential cause.
Right before the crash, the whale in question sent roughly $213 million in BTC to the leading US crypto exchange.
About two hours later, after the dramatic drop in the price of Bitcoin, the exact same amount of BTC was moved off of Coinbase in two separate transactions to unknown wallets.
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The BTC was now worth $201.2 million, leading crypto traders to speculate the whale sold their BTC on Coinbase, triggered the market dump, and bought back at a lower price.
Crypto Reddit is not happy about the potential market manipulation. A post on the whale movements shot to the top of the cryptocurrency subreddit, breaking down the mechanics of how a single whale could do that kind of damage to the market.
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Right now, the crypto market remains a sea of red. Bitcoin remains below $8,000 according to the latest data from COIN360. Ethereum is down 4.0% at $248.32 and XRP is down 6.2% at $0.4113.