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BITCOIN ON-CHAIN DATA REVEALS CHINESE MINING POOL BEHIND ITS CRASH

BITCOIN ON-CHAIN DATA REVEALS CHINESE MINING POOL BEHIND ITS CRASH

January 23, 2021 Published by

An otherwise decentralized cryptocurrency, Bitcoin, might have become a victim of a centrally orchestrated price dumping attempt.

According to data fetched by CryptoQuant, a South Korea-based blockchain analytics firm, Bitcoin miners at Chinese mining firm F2pool started the massive sell-off that crashed the BTC/USD exchange rate by almost 20 percent in just less than 24 hours.

Bitcoin outflow from F2Pool to all exchanges. Source: CryptoQuant

Bitcoin outflow from F2Pool to all exchanges. Source: CryptoQuant

OVERSUPPLIED BITCOIN

CryptoQuant CEO Ki-Young Ju listed a series of bearish alerts he received when Bitcoin started plunging on early Friday. As per the data he provided, the Miners’ Position Index went above 2.5, reflecting growth in Bitcoin units that miners moved from their wallets. Meanwhile, the CryptoQuant’s All Exchange Bitcoin Transaction Count Inflow surged, showing F2pool as a major BTC depositor.

Read the full article at Bitcoinist.com

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