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- $5.46billion priced Bitcoins have sold in the market since May.
- The highest recorded Bitcoin Price was $68 US Dollars.
As market volatility increases, Bitcoin price is cut down by 65 percent from the highest recorded price. And still, the downtrend of the prices of Bitcoins and other cryptocurrencies is increasing.
From the beginning of the first quarter of 2022, many giant bitcoin holders have sold their BTC holding after the market’s severe downfall and the crypto winters.
After the crash of the Terra project, the company Luna foundation guard(LFG) sold 800,81 Bitcoin holdings of nearly(1,855,279,620 US dollars) to clear debts raised for the startup of the Terra project.
Reports of a Market analyst state that after the Terra Project crash, Bitcoin coin Miners from May to July first half sold their 19K Bitcoin holdings and were selling their reserved BTC.
Lunde Mentioned the selling of Bitcoin holdings of the Tesla group and talked about the exact amount of 29,060 Bitcoin in the second half of the financial year. At the same time, 3AC(three arrow capital), a crypto funding firm, was over-debted and has transferred 18193 Bitcoin holding to the lenders and Other cryptocurrencies, amounting to nearly 22K Bitcoins.
The massive sale of Bitcoin in the crypto market is due to the volatility of the crypto market, the continuing downtrend of Bitcoin Prices, and Crypto winters.
The Crypto market fears investors in Bitcoin because it is the most costly currency, and the price touched the highest market rate of nearly $68K in 2021.
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Conclusion
The crypto market’s continuous volatility fears small-scale and big-scale traders and investors to sell their Crypto holding at the current rate because, for the last six months, the prices of Bitcoin and some other cryptocurrencies are not rising to make its investors profitable. Total Bitcoins sold by the big companies in the market from last year to till this year then the amount came out is 236,237Bitcoin and the estimated value of these Bitcoins while writing this article was $5,469,778,353 US dollars.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
