“Considering that the exchange order book shows 5-10 bitcoins of liquidity for every $100 price change, a sell-off of 1,000 bitcoins is highly likely to trigger a significant price drop,” Bradley Park, an analyst at CryptoQuant, told CoinDesk in an interview. “Especially when traders are waiting to enter a short against bitcoin’s all-time high like on Tuesday.”
BTC Stabilizes Around $58K Following Yesterday’s Rout
Bitcoin stabilized around the $58,000 mark after the U.S. Federal Reserve kept the benchmark interest rate unchanged on Wednesday. Chair...