Bitcoin retracted by 6.8% in the last 24 hours and is trading currently at $7,963.93. On June 3rd, Bitcoin was trading at $8,551 and due to this sudden retracement, the price went below the $8,000 level after a week-long price rally. The price pullback has led to a wider impact on the prices of other cryptocurrencies too.
As per the Coingecko’s Bitcoin Price Chart, the cryptocurrency touched its highest year to date price of $9,100 on 30th May 2019. But in the following days, it faced a major correction. Ether and Litecoin also retreated significantly.
A Bitcoin whale selling 25,000 bitcoins worth $200 million is considered to have triggered the price drop. Due to an unexpected influx of supply from an off-exchange wallet to Coinbase, the cryptocurrency hit its lowest in last 2 weeks.
According to a whale bot, it was noticed that the wallet user sold 14,000 bitcoin, worth $112 million, and then 11,000 bitcoin, worth $88 million on the night of June 3rd. While the 25,000 bitcoin’s were sold at $215 million, they were bought back at $200 million booking a profit of $15 million.
Industry watchers believe the retracement is healthy and this price volatility is perfectly normal.