Since June 23, within a two-week span, the bitcoin price fell from $13,868 to $9,711, demonstrating a sharp correction of nearly 30 percent.
The “Real 10” volume of bitcoin, which refers to the total verifiable volume of the dominant crypto asset taken from ten exchanges verified to have real volume above $1 million by Bitwise Asset Management, remains above $2.9 billion, a high figure compared to March.
In March, the Real 10 volume was hovering at $300 million with the majority coming from the CME bitcoin futures market and Binance.
What is triggering the downward movement?
Historically, the bitcoin price has tended to record pullbacks in the range of 30 to 40 percent following an extended period of strong momentum and upside movement.
Year-to-date, the bitcoin price has increased by more than 176 percent against the U.S. dollar inclusive of the recent 30 percent pullback, solidifying itself as one of the best performing assets in the global market.
However, on July 1, as CCN reported, a whale or a large bitcoin holder placed a $200 million short order on Bitfinex, immediately crashing the market.
The filing of the $200 million short contract came after gold, the go-to safe haven asset for many investors, recorded its biggest drop of the year subsequent to the resumption of trade talks between the U.S. and China.
The latest surge in #bitcoin has been accompanied by big volume in #tether. Watch as @krakenfx CEO @jespow details to @OJRenick why the controversy over the stablecoin is much ado about nothing.$BTC $USDT
— TD Ameritrade Network (@TDANetwork) July 1,