Bitcoin drops below $60,000 as massive sell-off continues

Bitcoin fell back below $60,000 on Wednesday, triggered by a significant amount of tokens being transferred to popular crypto exchanges. This reversed earnings made over the weekend following the Fed chairman’s speech. The major cryptocurrency has fallen more than 5% in the past 24 hours, falling below $59,000.

The recent decline in the price of Bitcoin appears to have been caused by large holders, known as whales, who could be individuals or large institutions. Whale Alert, a company that monitors large crypto transactions using on-chain data, reported that a whale moved 2,300 Bitcoins, valued at about $141.81 million, to the Kraken exchange just before the price dropped. Additionally, another 30,000 Bitcoin tokens, worth $1.88 billion at current rates, were moved from a cold wallet to the Binance crypto exchange on Tuesday as reported by Whale Alert.

All eyes are on Nvidia’s earnings

Nvidia is scheduled to release its earnings report on Wednesday after the closing bell. The stock market is eagerly awaiting the report but is currently in the red. Similarly, the crypto market appears to be following stock market trends, making investors wary of Nvidia. (NVDA) financial results. Market direction is highly anticipated, leading to reduced activity in riskier assets such as Bitcoin.

It’s not just Bitcoin that is struggling

Ether, the second-largest cryptocurrency by market capitalization, also lost nearly 3% on Wednesday, hovering around $2,500. Other major cryptocurrencies, including Solana, Dogecoin, and Cardano, also saw significant losses, with declines of nearly 8%, 4.5%, and 4.5%, respectively. In general, global crypto market cap was $2 trillion, representing over 4% decrease in the last 24 hours.