Bitcoin Loose $27K Level; Coinbase Registers Mega BTC Whales Deposits

Bitcoin News: Bitcoin (BTC), the world’s largest crypto is on the way to record the first monthly loss for the year 2023. Bitcoin price dropped by around 8% in May 2023 trading under increased uncertainty in the market due to unexpected Fed interest rates, Debt ceiling deals, and other major economic issues. As the crucial financial events close in, Bitcoin whales have been caught shuffling almost 16,000 BTC across crypto exchanges.

Whale To Dump Bitcoin Price?

The global crypto market printed red indexes on Wednesday as altcoins followed Bitcoin price decline. BTC price dropped by around 3% in the last 24 hours to lose the crucial $27,000 mark. Bitcoin is trading at an average price of $26,930, at the press time.

James Straten, a data analyst reported that the crypto market registered a major sell off on Tuesday. Data depicts that almost $400 million worth of Bitcoin were sold on Tuesday. It is being reported as the fifth highest sell off this year. He suggested that this primarily comes from Coinbase, the US biggest crypto exchange.

Source: Glassnode

As per the data, crypto whales shuffled around 16K Bitcoin (approx worth $428.6 million) over Coinbase. However, the biggest transaction recorded by the tracker has been of moving 5,003 BTC (approx worth $138.6 million) from whale wallet to Coinbase.

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