Bitcoin price falls below $60k due to large token transfer, sparking fears

From Investing.com

August 28, 2024 2:08 AM:

Bitcoin plunged on Wednesday following a large volume of tokens moved to a popular exchange, sparking fears of a major sell-off. The cryptocurrency fell sharply below $60,000, dragging down broader crypto prices. Bitcoin dropped 5.8% to $59,481.0, with a $1.88 billion transfer to Binance alarming traders about a potential sale event.

Glassnode’s report revealed a slowdown in net capital inflows into Bitcoin, dampening investor optimism. The token has been rangebound between $50,000 and $60,000 as speculation decreases. With speculative activity diminishing, spot market actions are now driving Bitcoin prices. Glassnode warns of heightened volatility in the coming weeks.

Altcoins mirrored Bitcoin’s decline, with Ethereum falling 8.6% to $2,464.30. Meanwhile, Ripple, Dogecoin, and Polkadot dropped 4-5%, and Litecoin fell 10.4%. meme token Shiba Inu lost 6.7%. Amid a lack of positive news, cryptocurrencies struggled to maintain their value.

Read more at Investing.com: down to $59k after large token transfer spooks traders By Investing.com