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CryptoQuant: Chinese miners caused the Bitcoin price dip


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According to data fetched by CryptoQuant, a South Korea-based blockchain analytics firm, Bitcoin miners at Chinese mining firm F2pool started the massive sell-off that crashed the BTC/USD exchange rate by almost 20 percent in just less than 24 hours.

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CryptoQuant deduced the mining pool’s act as the main catalyst that slumped its price from $35,498 to $28,732 in just 24 hours.

Meanwhile, New York-based cryptocurrency investment firm Grayscale Investments purchased more than $600 million worth of BTC this week, especially as the price was heading lower. 

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