Bitcoin price drops to $ 23,000 in minutes, despite new gray buy-in

Bitcoin (BTC) fell nearly $ 1,000 in less than an hour on Dec. 23 as spot markets refused to buy fresh good news from institutional investors.

Coin360 cryptocurrency market overview.

The price of BTC has risen to almost $ 24,000

Data from Cointelegraph Markets, Coin360 and TradingView on Wednesday showed a rising trading session for Bitcoin, which reached local lows of $ 22,800.

It took less than 60 minutes for BTC / USD to fall from a high of $ 23,718, reaffirming volatility as a feature of the current landscape, as well as selling pressure around $ 24,000.

At press time, the pair was around $ 23,000, as the market took a short break to determine the direction before Wall Street opened.

BTC / USD chart for 3 days. Source: TradingView

Grayscale adds $ 284 million to BTC in one day

The move contrasts with the ongoing build-up of institutional quarters, with Grayscale adding more BTC to its assets under management on Tuesday than the entire previous week combined. The one-week, albeit shorter, accumulation has witnessed a new all-time high for Bitcoin.

Grayscale added 12,319 BTC ($ 284.5 million) on Tuesday, while last week’s number was 11,512 BTC ($ 266.1 million). For context, Bitcoin miners can currently release approximately 28,000 BTC per month in block rewards.

“Bad news for Bitcoin bears,” analyst Kevin Rooke said He commented on Grayscale’s continued commitment to Bitcoin buy-ins.

As reported by Cointelegraph, MicroStrategy, which now owns more than 70,000 BTC, would not have moved the lump sum market last week, when it increased its reserves by $ 650 million.