Bitcoin price drops to $ 23,000 in minutes despite huge grayscale purchases

Bitcoin (BTC) price dropped nearly $ 1,000 in less than an hour on December 23rd when the spot markets refused to receive the good news from institutional investors.

Market performance of cryptocurrencies through Coin360.

BTC price trembled near the $ 24,000 sales wall

Data from Cointelegraph Markets, Coin360 and TradingView showed a surprising bearish trading session for Bitcoin on Wednesday, which hit local lows of $ 22,800.

It took less than 60 minutes for the BTC / USD pair to drop from a high of $ 23,718This reinforces the volatility as a characteristic of the current outlook as well as the selling pressure around $ 24,000.

Bitcoin price drops to $ 23,000 in minutes despite huge grayscale purchases
Bitcoin price drops to $ 23,000 in minutes despite huge grayscale purchases

At the time of publication The pair circulated around $ 23,000 when the market took a short breather to set direction before Wall Street opened.

3-day chart of the BTC / USD pair. Source: TradingView

Grayscale adds $ 284 million BTC in a day

The move is in contrast to the upward accumulation that is continuing in the institutional sectors. Grayscale added more BTC to its assets under management on Tuesday than it did all of the previous week combined. That week-long accumulation, albeit less, was still a new all-time high for Bitcoin.

Grayscale added 12,319 BTC ($ 284.5 million) on TuesdayIn the last week, 11,512 BTC ($ 266.1 million) were counted. For the context Bitcoin miners can currently release around 28,000 BTC as block rewards per month.

“Bad News for Bitcoin Bears”, commented the analyst Kevin Rooke of Grayscale’s continued commitment to Bitcoin purchases.

As Cointelegraph reported, MicroStrategy, which now owns more than 70,000 BTC, apparently the market hasn’t moved with the purchase of a flat rate last week when it increased its reserves by $ 650 million.

Wednesday meanwhile Further signs of new institutional arrangements were seenWith Coinbase One analyst saw a sudden big exit in another buy in the OTC market.

“$ 12,006 BTC came out from Coinbase a few hours ago. As I said, it was intended for apparently stored purses “, tweeted Ki Young Ju, CEO of the on-chain analysis platform CryptoQuant.

“It seems that Coinbase is creating a new cold wallet for each customer after the OTC deal for institutes. I am very optimistic about $ BTC. “

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