Amid intense volatility in Bitcoin, the largest cryptocurrency dropped nearly $1,000 from $44,200 overnight, returning to $44,000 on Monday morning.
While it remains unclear what decision the SEC will make regarding the Bitcoin spot ETF application, we continue to see moves to melt altcoins.
Employment Figures Were Negative
Non-farm employment, a data that affects the Fed’s decisions and indirectly the Bitcoin price, was well above expectations on Friday. While the employment figure, which was expected to be around 170 thousand, decreased to 216 thousand, expectations that the Fed would cut interest rates in March took a big blow. It is said that the employment report negatively affected the Asian markets, which are mostly open at night, and the decline here is also reflected in Bitcoin.
2 Thousand BTC from Miners to Exchanges…
It is stated that 2000 BTC was transferred to Binance from F2Pool, the third largest mining pool with 14 percent computing power, recently. According to on-chain tracking platform Lookonchain, F2Pool transferred 1,000 BTC worth approximately $44 million to the Binance exchange during the overnight sell-off. F2Pool sent 1000 BTC to the same exchange 2 days ago.
These two reasons could be the main factors behind Bitcoin’s decline to $43,150. However, it is also worth noting that Bitcoin recovered this decline in a short time. At the time of writing, the largest cryptocurrency was trading around $43,900.
