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Whale Activity Has Caused Bitcoin to Reach $40,000 Again

The bitcoin price has hit $40,000 for the second time this month. While technically the asset had done so during yesterday’s early morning hours, the currency ultimately underwent a bit of a correction later in the day that brought it down into the $39,000 range. Bitcoin Strikes the $40K Anvil Now, however, bitcoin has hit

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The bitcoin price has hit $40,000 for the second time this month. While technically the asset had done so during yesterday’s early morning hours, the currency ultimately underwent a bit of a correction later in the day that brought it down into the $39,000 range.

Bitcoin Strikes the $40K Anvil

Now, however, bitcoin has hit $40K again and it looks like it’s aiming to stay there. In just the last 12 months alone, the bitcoin price has managed to grow by a whopping 400 percent.

Many analysts have been going back and forth regarding what could possibly be allowing bitcoin to spike so high. Is it due to COVID? Are people seeing it in a whole new light? Is bitcoin finally being viewed as a store of wealth?

These are all likely contributing factors, though according to new research now being released by top cryptocurrency exchange Kraken, whales got their fingers on many additional BTC units during the month of December, which is likely adding to the bitcoin price more than any other financial element.

In a report published earlier in the week, Kraken writes:

Bitcoin ‘whales,’ addresses with more than 100 bitcoins, accumulated an additional 47,500 bitcoin amid bitcoin’s ruthless rally throughout December. Not only did the aggregate number of bitcoins in whale addresses hit its highest level all year, 11.46 million bitcoins, but addresses with a balance of more than 100 bitcoin surpassed 16,300 – a reading last seen on March 16, 2020.

Throughout December, BTC managed to jump by roughly 50 percent. From there, the asset has added another 40 percent during the first week of January, meaning that the bitcoin price has almost jumped by a full 100 percent in the last month.

In addition, the currency continues to be viewed as “digital gold” by institutional investors, who are now concerned about the overprinting of funds and see bitcoin as a potential hedge tool that can keep one’s wealth safe during times of economic strife.

Nathaniel Whittemore – who hosts a BTC podcast – said in a recent interview:

A Rubicon has been crossed with entirely new categories of institutions and corporate buyers. The retail fear of missing out (FOMO) is starting again, and this is all coming into a macro environment featuring significant tailwinds in the form of growing inflation expectations. Compared to other macro hedges, bitcoin is not only cheaper but has much more attractive upside potential. Just because the price is more than it was doesn’t mean it isn’t still undervalued.

Will It Soon Drop?

Still, despite BTC doing so well as of late, others are continuing to warn us that the asset is headed for a correction soon. David Mercer – chief executive of crypto exchange LMAX Group – states:

Whilst we think the future is very bright for the asset class, we still anticipate some bumps along the way.

Tags: bitcoin, bitcoin price, kraken Source: https://www.livebitcoinnews.com/whale-activity-has-caused-bitcoin-to-reach-40000-again/

Blockchain

Cardano, EOS, Synthetix Price Analysis: 07 March

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Cardano moved deeper into the red zone but the bulls held on to the crucial 61.8% Fibonacci retracement level. EOS presented an added upside from the $4 mark but needed to break out from its tight channel. Lastly, SNX could face an uphill battle to rise above its 200-SMA on muted trading volumes.

Cardano [ADA]

Source: ADA/USD, TradingView

Cardano traded in the red territory at press time as a sell-off phase continued post its ATH over a week ago. In fact, losses of over 5% made ADA the biggest weekly loser among the top 10 coins by market cap. Recent losses also dethroned ADA from the third spot in the crypto rankings. The downtrend was evident on the 4-hour timeframe as the bulls conceded multiple Fibonacci retracement levels to the sellers, the latest one being the 50% level. However, the bulls still held on to the 61.8% level or the ‘golden ratio’ which lent some optimism in the market.

Further optimism was driven by a bullish crossover in the MACD, and the CMF, which showed strong capital inflows for ADA. Successfully defending the 61.8% Fibonacci level from the bears could fuel a bullish bounce back in the short-term.

EOS

Source: EOS/USD, TradingView

Resistance at $4.04 has proven to be a formidable barrier as EOS failed to rise above the upper ceiling despite several attempts in a span of nearly two weeks. The scarcity of buyers in the market was one of the factors why the upwards breakout failed to culminate on the charts. The On Balance Volume attested to the bearish sentiment as the index failed pickup post EOS’ drop to $3.6 support.

Moreover, Bollinger Bands remained constricted and showed low volatility at the time of writing, which disallowed for large price swings in the coming sessions. Once the consolidation ends, a rise above the overhead resistance mark could spur some additional buying.

Synthetix [SNX]

Source: SNX/USD, TradingView

The ADX Indicator pointed south from the 10-mark as Synthetix moved between the channel $22.26 and $20.19. However, the appearance of short green candlesticks on the 4-hour chart showed that the bulls met with minimal selling pressure as the price inched closer to its 200-SMA. The Parabolic SAR’s dotted markers moved beneath the candlesticks and highlighted the change of trend.

For a breakout above the long-term moving average, the 24-hour trading volumes could be monitored over the coming sessions. In the event of a bullish outcome, resistance at $24.7 could be tested.


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Source: https://ambcrypto.com/cardano-eos-synthetix-price-analysis-07-march

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What role are Bitcoin’s hodlers playing in this market cycle?

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Bitcoin’s price is rangebound in the current market cycle. Both fundamental and technical analysts will tell you there were ample buying opportunities and local bottoms since the price crossed $20k. But is that all there is? Every local bottom is unlike the previous one, some are close together on the price chart, and buying a local bottom is only as profitable as the bounce back in price, within a tight time frame. Additionally, it relies heavily on the volatility of the asset, and interestingly, the below metric shows that many retail traders continue to be on the fence.

Source: IntoTheBlock

In the past 5 years, based on this chart, 21.81% of the total Bitcoin circulating supply hasn’t been moved at all. This is a significant indicator and since Bitcoin hit an ATH of $58330, a large percentage of the supply was active. Additionally, active supply had hit an ATH several times before the price hit an ATH.

Added to this, HODLer patterns have changed. The supply that was dormant for 7+ years was active on spot exchanges. This coincided with the time when institutions were accumulating Bitcoin. And this 21.81% did not move on the network, even during the latest ATH. What’s more, is that not all of this can be attributed to lost or stolen Bitcoin. This signals that there is a significant percentage of HODLers waiting to make the next move with their dormant Bitcoin.

On exchanges, the NetFlow continues to remain positive and there are more Bitcoin hitting exchanges than the quantity that leaves. There is a steady inflow from miners, whales, and retail traders and this inflow is significantly higher than previous stages in the market cycle. The scarcity narrative is out of the question and this signals a likelihood of a drop in Bitcoin’s price.

However, HODLer activity has not registered an increase despite this. The on-chain analysis also signals a bearish sentiment currently and unless there is a change in the Bitcoin held dormant, the price shift on spot exchanges may be largely a reflection of whale activity on derivatives exchanges and institutional investment inflow.


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Source: https://ambcrypto.com/what-role-is-bitcoins-hodlers-playing-in-this-market-cycle

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Billionaires Now Have 1.9 Trillion More Reasons To Buy Bitcoin

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Bitcoiners Now Have 1.9 Trillion More Reasons To Buy Bitcoin

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The $1.9 trillion stimulus bill has just been approved by the United States Senate. For businesses relying on the United States dollar, an impending bearish storm is expected. For Bitcoiners, it’s 1.9 trillion more reasons to buy Bitcoin, and here’s why.

USD goes down, Bitcoin goes up

Demand for Bitcoin has already been on roof levels for the most part of the year, but the peak could be nearing as demand could potentially take off from here. The weakening of the USD which will precede the printing of the trillion-dollar stimulus could cause a significant spike in demand from already existing Bitcoin investors who are racing to the top to secure more than their competitors.

But that’s only the tip of the iceberg, as traditional market participants are expected to make a grand entrance sooner than later.

The billionaires are coming

Bitcoin happens to be the billionaire’s favorite for obvious reasons. Last year, Billionaire Paul Tudor Jones revealed that he had stashed 2% of his wealth into Bitcoin, shortly after the asset rallied 46%. The billionaire compared investing in Bitcoin now to investing in Google and Apple in their beginning stages, asserting that Bitcoin is a fitting defense mechanism against inflation. 

Similarly, Square’s Jack Dorsey along with many other CEOs of leading investment and fintech companies have accumulated Bitcoin, explaining that the asset has proven itself to be digital gold. This year, asides from institutions privately acquiring Bitcoin, the market can also record an influx of independent investors (billionaires) safeguarding their wealth with the asset.

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Bitcoin Bulls Action

As of publication, Bitcoin price has successfully broken previous support and surged past $50,000. Analysts claim the stimulus-effect is behind the mild pump. Altcoins follow suit with upward corrections. Gains of 4% to 7% are sending assets to a crucial position.

Bitcoiners Now Have More Than 1.9 Trillion Reasons To Buy Bitcoin - Here's Why
BTCUSD Chart By TradingView

For Bitcoin, a potential upside swing lingers at the next resistance of $50,800. Should Bitcoin smash that price, a rally to $53,000 is the next move, as predicted by analysts. In the next few months, Bitcoin is expected to take off swiftly, this is after momentum is sustained past the reoccurring bearish wave.

Meanwhile, analysts’ have religiously chanted the “HODL” anthem nonstop, for significant reasons. As noted by Anthony Pompliano, the government has single-handedly annihilated the bearish market. As he puts it in a tweet:

“Stock market down big this week.

Senate approves $1.9 trillion stimulus package over weekend.

The government has outlawed bear markets.”

Similarly, as observed in the tweet below, the stagnation of the larger percent of Bitcoin’s supply is also bullish in the long term.


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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

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Source: https://zycrypto.com/billionaires-now-have-1-9-trillion-more-reasons-to-buy-bitcoin/

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