Bitcoin’s price has dropped below $57,000 for the first time in two months, a significant shift in its price trend. This digital currency, trading around $60,000, dropped 8% in just the last 24 hours and is now worth about $56,990.
This level of prices hasn’t been seen since late February, which shows a significant shift in how the market feels. Bitcoin’s market price has dropped below $1.13 trillion as its value decreases. Even so, the daily trading amount has increased by 70%, reaching more than $45 billion, which shows that the market is more active.
Bitcoin’s Exchange-Held Surge
According to data from Santiment, the number of “whale” transactions (those involving at least $100,000 worth of BTC) has grown significantly. Since April 28, these transactions have grown by 60%, from 7,973 to 12,735 unique transactions every day.
According to Santiment’s data, the amount of Bitcoin owned on exchanges has also increased significantly, rising from 811,810 BTC to 821,740 BTC in just about 24 hours. Due to the widespread fear, uncertainty, and doubt (FUD) in the cryptocurrency market, this change suggests that some Bitcoin users may be tempted to sell their holdings.
People are even more worried now that they know more about Bitcoin. BitMEX revealed on April 30 that an unknown entity now controls 47% of the world’s Bitcoin mining hashrate. This makes it much more difficult for the autonomous network to become centralized.
On the other hand, a study conducted by Santiment shows that the BTC Relative Strength Index (RSI) has dropped from 52 to 40. Since its price has decreased, BTC might not be worth as much as it is now. Also, the product’s price might change quickly shortly because whales act more aggressively.
