Market Makers use bots to sell BTC on Coinbase

Market Makers use bots to sell BTC on Coinbase

Market Makers use bots to sell BTC on Coinbase

Market Makers use bots (Credits: Google)

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  • The price of Bitcoin (BTC) has fallen below $20k for the first time since 2020.
  • BTC’s market value is currently $18,127.80 according to CoinMarketCap.
  • The price decline in BTC is pushing down prices in the rest of the crypto market.
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Market makers (MMs) have been using trading bots to sell Bitcoin (BTC) on Coinbase for the previous 45 days, according to CryptoQuant data. BTC’s price has dropped even further in the previous 24 hours due to ongoing selling, according to crypto market tracker CoinMarketCap.

Read More: BTC Drops Below $20K, End of Bear Market?

Market makers sell BTC with bots on Coinbase

BTC’s price has plummeted 11.13 percent in the previous 24 hours, according to CoinMarketCap. This follows a decrease of more than 30% in the previous seven days. The market value of the market leader is currently about $344.91 billion, while the price of BTC has gone below $20k to $18,127.80 at the time of writing.

This is the first time since 2020 that the price of Bitcoin has fallen below the $20k mark, which was previously reached at an all-time high in 2017.

Other figures for the top cryptocurrency by market cap show that its 24-hour trading volume has increased by 78.01 percent to $44,605,716,357.

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The price decline in BTC is pushing down prices in the rest of the crypto market, as prominent altcoins have all witnessed price drops in the last 24 hours. Ethereum (ETH) is down 11.58 percent, Binance Coin (BNB) is down 9.54 percent, Cardano (ADA) is down 8.82 percent, and XRP is down 5.29 percent.

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

Read More: MicroStrategy CEO Talks Crypto Market

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