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Bitcoin Miners Foresaw Current BTC Plunge, Analyst Says - Here's What Happened

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Fri, 3/03/2023 - 11:50
Bitcoin Miners Foresaw Current BTC Plunge, Analyst Says - Here's What Happened
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Crypto analyst and trader Ali Martinez has taken to Twitter to share his view on the recent Bitcoin price plunge in relation to his recent tweet about Bitcoin miners selling BTC.

"BTC miners saw it coming," he suggests

On Thursday, March 2, Martinez shared a chart that showed that Bitcoin miners had sold 3,835 Bitcoins over the past week from their BTC reserves — the equivalent of roughly $88,200,000.

This drove the analyst to the conclusion that miners were expecting the leading cryptocurrency to take a deep dive in price.

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Ethereum (ETH) Drops 5%, Mysterious Whale Shows 'Very Strange' Behavior: Lookonchain

Bitcoin plummets 6% in one hour, here's reason

On March 2, Bitcoin took a deep nosedive, dropping approximately 6% in merely an hour and falling from $23,426 to the $22,273 price mark. This is a two-week low for BTC.

The reason behind this massive price fall for not only Bitcoin but also Ethereum (pushed down by around 5%) and the whole crypto market was the negative situation with crypto-friendly bank Silvergate.

The share price of the bank took a plunge of roughly 50%, as reported by U.Today on Thursday. This was caused by Silvergate delaying the submission of its annual report, claiming that it needs revising with auditors before filing it.

Several crypto giants, including Coinbase, Bitstamp and Circle, have cut down their collaboration with Silvergate. Coinbase tweeted that it stops accepting payments from Silvergate.

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