The recent Bitcoin price slump has seen major traders and investors cash in on their assets with USD 250 million worth of Bitcoin sold according to data put forward by crypto analyzing firm, skew. With two days to go before the halving, bitcoins volatility in the digital assets market has seen it drop as low as USD8,534 after it went as high as USD 9,581, eliminating the gains accrued by investors over the previous week.
BitMEX records most sales volume
With both long and short term investors choosing to trade their assets for cash, the long term investors are majorly the ones that witnessed significant sales in terms of volume on Bitmex, a crypto exchange based in Seychelles. According to a report submitted by Datamish, long term investors sold about USD247 million in volume while short term Investors sold around USD 808, 000 after the Bitcoin price slump.
Bitcoin price slump, yet 2nd most significant selloff
This sell-off will go down as one of the most significant sell-off in the history of the coin coming closely behind the market crash sell-off that happened on March 12. The sell-off, which cut the price of Bitcoin by half, saw most traders put their assets on sale up to a volume of USD 700 million. The cost of the leading crypto Went as low as USD3,400 but soon recovered as the weeks went by to Briefly touch the USD10,000 mark.