Cryptocurrency
Halving: Bitcoin whales gather more BTC, waiting for bullish run
Many cryptocurrency traders and investors expected that Bitcoin halving would boost Bitcoin’s bullish run in the short and mid-term
Bitcoin has been experiencing high volatility in recent months. The flagship cryptocurrency is yet to perform as expected, since its third halving event, which occurred on May 11.
Many cryptocurrency traders and investors expected that the event (Bitcoin halving) would boost Bitcoin’s bullish run in the short and mid-term.
Bitcoin addresses that own at least a hundred Bitcoins have increased their ownership level to another 12,000, according to data obtained from a cryptocurrency analytic firm, Santiment Research Company.
The new purchase is worth around $108 million based on the current market prices. The research company stated that, “Since Bitcoin’s drop below $9,500 on May 20, addresses holding 100 or more Bitcoin have added another 12,000 BTC to their bags – more than $108,000,000 at current prices.”
1/ Are $BTC whales back to accumulating? 🤔
Since Bitcoin's drop below $9,500 on May 20th, addresses holding 100 or more #Bitcoin have added another 12,000 $BTC to their bags – more than $108,000,000 at current prices.
Since the start of the year, these addresses have shown a pic.twitter.com/jWOLuKbnwA
— Santiment (@santimentfeed) May 26, 2020
What are Bitcoin whales? In the Bitcoin world, investors or traders who own a large number of Bitcoins are typically called Bitcoin whales. This means a Bitcoin whale would be an individual or business entity (with a single Bitcoin address) owning around 1,000 Bitcoins or more.
(READ MORE: Bitcoin is performing better than gold)
Most cryptocurrency traders are taking positions into Bitcoin’s relatively low prices, with many of them expecting it to rise after the recent Bitcoin halving event.
Santiment Research Company also gave details showing that the Bitcoin addresses that have shown notable behavioral patterns since the beginning of the year might see history playing out again. It said, “Since the start of the year, these addresses have shown a propensity to accumulate into dips and offload their bags slightly before short-term tops occur. Will this history repeat itself?”
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2/ propensity to accumulate into dips and offload their bags slightly before short-term tops occur. Will this history repeat itself?
Check out more $BTC whale metrics on the most comprehensive on-chain and social metrics #crypto platform for FREE! https://t.co/b87hnzT6aV
— Santiment (@santimentfeed) May 26, 2020
Some investors are waiting on the sidelines to see how this situation unfolds. While it is difficult to predict market movements, Bitcoin whales have always shown historically that they often determine Bitcoin’s trend.
Cryptocurrency
XRP surges by 150% in 7 days as Ripple posts early victories against SEC
This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.
Cryptocurrency
Crypto market surges above $2 trillion, as Bitcoin stages a huge comeback above $60,500
The global crypto market value at press time stood at $2.05 trillion, a 3.85% increase over the last day.
The flagship crypto is recording a significant buying spree as Bitcoin bounced above the $60,500 price level once again.
The global crypto market value at press time stood at $2.05 trillion, a 3.85% increase over the last day, with Bitcoin having a market value of $1.123 trillion and a circulating supply of 18,678,481 BTCs
Bitcoin’s price is currently $60,638.55.
READ: Bitcoin miners are consistently earning $50 million daily
Bitcoin’s dominance is currently 55.36%, an increase of 0.21% over the day.
Investors are moving their funds to Bitcoin after an avalanche of COVID-19 stimulus shocked the crypto market since last year amid fears of rising fiat inflated currencies coupled with leading business brands adding more buying pressures on Bitcoin with BNY Mellon, America’s oldest bank giving its approval on the new digital gold as it makes a debut into mainstream investment assets.
Consequently, MicroStrategy now has 91,579 BTCs worth about $5.54 billion while Tesla holds 32,608 BTCs, hinting that more global business brands may take such route to hold the most popular crypto as a treasury tool amid concerns that just 21 million BTCs will ever exist with about 4 million BTCs already lost forever.
READ: Less than 4 million Bitcoins available for buying
Recent price action suggests that bitcoin bulls are holding on tight as they built strong support around the $58K area.
Strong #Bitcoin support building around this $58K area. pic.twitter.com/dFp1E7aOOT
— Yann & Jan (@Negentropic_) April 8, 2021
READ: XRP posts a big bang, as legal tussle with SEC lingers
That being said, crypto pundits argue that bitcoin still faces strong headwinds in the coming months amid growing regulatory concerns. There is also the bias that its high volatility is making it challenging for some traditional investors to come on board and its massive electrical consumption via the blockchain has also put it at odds with many environmentalists.
