Market Makers Have Been Running Bots To Sell BTC On Coinbase

According to data from CryptoQuant, market makers (MMs) have been running trading bots to sell Bitcoin (BTC) on Coinbase for the last 45 days. The continued selling of BTC has seen its price drop even lower in the last 24 hours according to crypto market tracker CoinMarketCap.

According to CoinMarketCap, BTC’s price has dropped 11.13% in the last 24 hours. This adds to its over 30% drop over the last 7 days as well. The market cap of the market leader currently stands around $344.91 billion and, at the time of writing, the price of BTC has broken below $20k to $18,127.80.

This is the first time since 2020 that BTC’s price has broken below the $20k level, which is a level that was set as an all-time high back in 2017.

Looking at other statistics for the largest crypto by market cap, its 24-hour trading volume has risen 78.01% to take the total to $44,605,716,357.

BTC’s price drop is dragging down prices in the rest of the crypto market as major altcoins all experienced a drop in price too over the last 24 hours. Ethereum’s (ETH) price has dropped 11.58%, Binance Coin (BNB) is down 9.54%; Cardano (ADA) is also down by 8.82%, and XRP 5.29%.

Dogecoin (DOGE) and Solana (SOL) are also down during this time period. However, SOL is only down 1.68%.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.