| Author | Message | ||
     Entrepreneur Kurra Bewarse Username: Entrepreneur Post Number: 3710 Registered: 05-2011 Rating: N/A |
Bitcoin ‘whales’ jump back into market during cryptocurrency’s rebound to $50,000 1. Bitcoin “whale” activity has been tightly correlated to price action this year, with larger investors often acting as a “driving force” in the market, says Philip Gradwell, chief economist at Chainalysis. 2. Cryptocurrency accounts holding roughly $50 million or more worth of bitcoin have steadily increased their buying since the end of June, according to new data from blockchain firm Chainalysis. That bullishness continued into late August as prices rebounded above $50,000. 3. Bitcoin “whale” activity has been linked to price action this year. Those larger investors were a “driving force” in the market until late February, Gradwell said. As big investors acquire more digital assets, prices typically rise over 28 days. When they sell, prices fall, Chainalysis found. 4. From late June through Aug. 22, those large investors acquired the equivalent of nearly $10 billion at Tuesday’s prices. Whale holdings are now back at February levels, according to the data firm. 5. Bitcoin hit a three-month high this week, continuing a steady climb since mid-July. The value of the entire cryptocurrency market also crossed $2.2 trillion, after once again passing the $2 trillion mark earlier this month, according to data from Coinmarketcap. https://www.cnbc.com/2021/08/24/bitcoin-whales-jump-back-into-market-during-cryp tocurrencys-rebound-.html |