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Bitcoin fell more than 7 percent on Monday after a whale deposited 18,000 BTC into a Gemini wallet.
The flagship cryptocurrency dropped to an intraday low of $54,568 at 0940 UTC, down 7.47 percent into the European session. Its correction started on Sunday after the price reached a new record high above $61,000. Traders used the refreshed peak to secure their profits, leading the prices lower. Nonetheless, the sell-off accelerated after the said Gemini deposit.
A $1 Billion Bitcoin Sell-Order
Analysts across the cryptocurrency market interpreted the $1 billion transfer to the US exchange as a sign of a major dump ahead. CryptoQuant CEO Ki-Young Ju was quick to point out the correlation between higher Bitcoin inflow and its spot prices. He published a chart that showed a spike in Gemini’s Bitcoin inflow on February 21, which followed a downside correction of more than 26 percent.