Bitcoin (BTC) fell nearly $ 1,000 in less than an hour on December 23 when spot markets refused to buy new good news from institutional investors.
BTC price saved the sales wall of $ 24,000
Data from Cointelegraph Markets, Coin360 and TradingView showed a fantastic bearish trading session for bitcoin on Wednesday, reaching a local low of $ 22,800.
In less than 60 minutes, BTC / USD fell from $ 23718, confirming volatility as a feature of the current situation, as well as a selling pressure of around $ 24,000.
At the time of publication, the pair was circling around $ 23,000 as the market took a short break to determine the direction before the Wall Street opening.
Grayscale adds $ 284 million to BTC in one day
The move contrasts with continued bullish gains from institutional classes as Grayscale added more BTC to assets under management on Tuesday than the entire previous week combined. This weekly accumulation still shows, as it declines, a new full-time job for Bitcoin.
Grayscale added 12,319 BTC ($ 284.5 million) on Tuesday, up from 11,512 BTC ($ 266.1 million) last week. For context, bitcoin miners can currently issue around 28,000 BTC per month in group rewards.
“Bad news for bitcoin bears,” commented analyst Kevin Rock Grayscales’ continued commitment to buying bitcoins.
As Cointelegraph reported, MicroStrategy, which now has over 70,000 BTC, reportedly had no impact on the market, buying the sum last week when reserves increased by $ 650 million.
Meanwhile, there were several signs of new institutional agreements on Wednesday when Coinbase saw a sudden increase in what the analyst suspected was another over the counter.
“A few hours ago, 12,006 BTC came from Coinbase. As I said, it ended up in storage-like wallets, ” tweeted Ki Young Jo, CEO of the analytics platform CryptoQuant.
It looks like Coinbase is creating a new cold wallet for every customer who signs an OTC Enterprise agreement. I’m very optimistic about $ BTC. “