Aug 18, 2023

Bitcoin (BTC) is on track for its worst weekly drop since FTX's collapse in November of last year.

Video transcript

The chart of the day is brought to you by crypto dot com. The world's fastest growing crypto app. Let's take a look at the chart of the day. Bitcoin is on pace for its worst weekly drop since the collapse of FTX in November last year. The largest Cryptocurrency by market cap is on track to end the week over 10% lower. Currently, the coin desk XX index is trading below $26,000. Meanwhile, Crypto is out with a new chart that shows the rise in whale spending activity before and during the sell off from an on chain perspective. Hash Note Ceo Leo Mizar told Coindesk TV. Earlier that massive drop is almost certainly a big institution and it looks a lot like market makers getting out of their positions. Crypto qu notes that the sell off was preceded by a period of low Bitcoin demand in the US. That's it for today's chart of the day. I'm Jen Senai. We'll see you next time to unpack more of the data behind top news stories.

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