The cryptocurrency market is experiencing a decline today (March 6, 2024) after Bitcoin reached an all-time high. According to CoinMarketCap on Wednesday (March 6, 2024), the cryptocurrency market is experiencing a decline. Bitcoin fell 7.09% to $63,266.22 after previously reaching $69,000, a record high.

Data from on-chain analysis by CryptoQuant shows that before Bitcoin reached its new high of around $69,000 and then fell to $62,000 on Tuesday, 1,000 bitcoins worth around $69 million were transferred to Coinbase via an address that is over a decade old. According to the related research firm, moving inactive tokens for over a decade to Coinbase, a major cryptocurrency exchange, can be the beginning of a sale.

CryptoQuant analyst Bradley Park said that the sale of 1,000 bitcoins is likely to cause a significant price drop.

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