The trade volume of $Ada coin in the last 24 hours probably showed the bull sentiments around $ADA coin among retail crypto investors.
$Ada is the native token of the Cardano blockchain network. The current trade price of $Ada coin is $0.99 & this price level is 15% down over the last 24 hours period.
Current trade price of #Cardano is $0.99 pic.twitter.com/SC1ErSpkZf
— Bitcoinik (@Bitcoinikdotcom) December 10, 2024
Blockchain analysis platform IntoTheBlock data showed that Cardano (ADA) recorded a net $25.48 billion transaction volume. This big amount of trade volume is a 9.42% increase over the last day.
pic.twitter.com/TAZRVTTK5p
— Bitcoinik (@Bitcoinikdotcom) December 10, 2024
Notably, the spike in large $Ada transactions activity belongs to whales and institutional players. This surge is a very big signal of either buying or selling.
Panic in the crypto space
A chain transaction showed that the Bhutan government transferred 500 BTC to QCP Capital. However, this country is still holding 12,202 BTC, but people speculated that they are going to sell Bitcoin in bulk amounts.
🇧🇹 BREAKING: Bhutan transfers 406 BTC to QCP Capital, suspected for sale.The government, the 4th largest #Bitcoin holder globally, still holds 12,202 $BTC worth $1.2B. pic.twitter.com/MZw6UecL4I
— Cointelegraph (@Cointelegraph) December 9, 2024
This small amount of Bitcoin transactions by the Bhutan government acted as a catalyst to create fear among the crypto traders.
Under this pressure, the crypto market saw significant capital outflow. In particular, Bitcoin crashed to $94,500 from the $100,000 level, and Ethereum crashed to $3,524 from $3,980. Some altcoins crashed by 30% in the same time period.
Because of this sudden significant downfall in the trade price of cryptocurrencies, a total of 567,905 traders were liquidated globally & lost $1.71 billion, Coinglass data showed.
At 5:00 AM(UTC+8) , the market experienced a rapid decline. According to OKX, Bitcoin (BTC) fell to $94,000, Ethereum (ETH) dropped to $3,465, and Solana (SOL) declined to $200. Some altcoins saw intraday losses exceeding 30%. Coinglass data shows that the total liquidation… pic.twitter.com/MdaQIUaSys
— Wu Blockchain (@WuBlockchain) December 9, 2024
Now, it will be interesting to see the next move in this market, as there is no negative news, but this fear is going to push big Bitcoin holders to sell their Bitcoin.
Read also: Microstrategy purchases $2.1 billion worth of Bitcoins again
