What Caused Bitcoin to Plummet Below $108K? These Are the Explicit Causes
Source: TradingView When Bitcoin momentarily fell below $108,000, traders were once again alarmed, and the cryptocurrency market entered November under strong selling pressure. An insider who shorted before the last flash crash has resumed selling, dumping over 12,500 BTC worth about $1.4 billion in a matter of hours, according to on-chain data. Although a lot of people blame changes in social sentiment or political headlines, the data indicates that $BTC is still consolidating and not yet collapsing. Alarms Are Raised by Insider Activity. Massive sell orders that appeared at short intervals were quickly noticed by market watchers. Fears of another significant correction have been rekindled by the reappearance of the insider who was responsible, who had a 100% win rate in previous crashes. Consistent outflows to exchanges in his wallet activity point to active selling. Even a few billion dollars in sell pressure could cause significant volatility given the current levels of Bitcoin...