Miners Dump BTC, Will Trigger a Jump Price Situation?


 "Until when BTC is about to go down, investors are tired of waiting for the price to go up."

The price of cryptocurrency king Bitcoin (BTC) saw a drop after the Commodity Futures Trading Commission (CFTC) of the United States (US) sued Binance and Changpeng Zhao (CZ) for violating digital asset and derivatives trading rules.

The streak, crypto markets have assumed aggressive regulatory action against digital assets will continue.

The action imposed on Binance is also capable of worsening the situation as the crypto market is currently facing liquidity issues while BTC trading on the company accounts for over 80%.

For the record, selling pressure on BTC increased as miners were seen selling their holdings of around 1,700 BTC to crypto exchange companies on Tuesday.

In the meantime, the steady decrease in BTC holdings by miners could trigger a fall in the price of the digital asset, where 1,646 BTC were recently transferred from Binance's mining pool to the following companies.

According to the popular analyst Rekt Capital, BTC is likely to experience a price drop below $25,000 following the digital asset's constant hovering at $27,000 to $26,500 but it can also act the other way around if there is strong positive sentiment.

As of this writing, BTC price has jumped by 0.69% trading at $27,291 in the last 24 hours with a market cap of $27 billion but saw a decline of around 2.78% over the last week.