On the eve of halving, Bitcoin experienced the sixth largest weekend price drop since 2017. Such data are cited by The Block analyst Larry Chermak in the analysis of the cryptocurrency crash.
The decrease in BTC quotes over the past weekend amounted to 11.02%.
The analyst compared price charts with a 5-second timeframe on four exchanges with the highest liquidity of the BTC / USD pair – Bitfinex, Coinbase, Bitstamp and Kraken. During a 15% fall, prices moved synchronously, but diverged towards the end and after it.
The decline in quotes at Bitfinex was ahead of the fall, Chermak noted. This probably means that it was the site traders who played the leading role in the crash of the Bitcoin price on May 10.
During this period, the largest trading volume of these exchanges in the BTC / USD pair was recorded on Coinbase and Bitfinex. Chermak noted that Bitfinex usually declares much smaller volumes compared to Coinbase.
The per-minute chart of the distribution of trading volume between exchanges shows that the fall of Bitcoin on Sunday probably started at Coinbase, and then continued at Bitfinex, the analyst believes.
The decline in the price of the first cryptocurrency on the weekend occurred less than a day before the halving. Participants at the ForkLog online event conference gave their predictions about what would change with the next block reward cut.
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