AVAX Coin Crashed Within Hours: What Caused the Fall?
After Avalanche, one of the largest altcoins of the cryptocurrency market, became one of the most falling cryptocurrencies today, the reason for the withdrawal was wondered.
Avalanche experienced a decline of more than 10% around 05.30 GMT, while Bitcoin (BTC) and cryptocurrencies in general remained calm. While the price of AVAX coin decreased from $ 27.48 to $ 24.56, the reason for this decrease was wondered.
Why did AVAX Coin fall?
Cryptocurrency researcher ZachXBT stated in a post via Telegram that the price experienced a 10% drop, presumably because an organization (0x32…4f30) began transferring 1.96 million AVAX worth $54.2 million to exchanges in the last few hours.
Transfers were made to giant exchanges such as Coinbase, Binance, Gate.io and using cross-chain bridges such as THORChain.
It was claimed that the large amount of AVAX sales by the institution disrupted the supply-demand balance in the market and caused a parallel decrease in the price. Although it is not known whether the institution has sold yet, the fact that it will most likely sell was among the factors that brought the price down.