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Current Bitcoin Whale Population Looks Exactly Like September 2017, Just As BTC Ascended To $20K

Current Bitcoin Whale Population Looks Exactly Like September 2017, Just As BTC Ascended To $20K

Over the last few days, bitcoin’s price action has been quite dramatic. On June 15, the bellwether cryptocurrency tumbled below $9k alongside the US stock market which also took a dive. A few hours later, however, the cryptocurrency rebounded to as high as $9,500 after the Fed announced it will begin purchasing individual corporate debt. […]

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Current Bitcoin Whale Population Looks Exactly Like September 2017, Just As BTC Ascended To $20K

Over the last few days, bitcoin’s price action has been quite dramatic. On June 15, the bellwether cryptocurrency tumbled below $9k alongside the US stock market which also took a dive. A few hours later, however, the cryptocurrency rebounded to as high as $9,500 after the Fed announced it will begin purchasing individual corporate debt.

Amid all the break-neck volatility, one interesting trend stands out: the number of BTC addresses with massive holdings has been steadily growing in recent months. The last time the current number of BTC whales was seen was in 2017 just before BTC soared to $20,000, according to Glassnode.

Eerily Reminiscent Of September 2017 Before BTC Pumped To $20,000

Although bitcoin has remained below the key $10,000 level for the better part of 2020, large BTC investors have remained unfazed. In fact, they have been gradually adding to their positions.

According to a report published by on-chain analytics firm Glassnode on June 15, the number of addresses holding at least 1000 BTC has been growing since January of this year. At the moment, there are at least 1882 such bitcoin whales. The analytics firm notes that they last witnessed such numbers in September 2017 as BTC surged to the $20,000 all-time high.

Current Bitcoin Whale Population Looks Exactly Like September 2017 As BTC Ascended To $20K

What’s even more interesting for Glassnode is the fact that they first saw these many BTC whales in March 2016 while the cryptocurrency was still trading below $420. Notably, the bitcoin price is now 20x higher than it was back in March 2016, indicating that the whales are now holding more wealth.

But “the average balance held by each whale has decreased during this period, such that whales actually hold less BTC now than in 2016, and less wealth (in USD terms) than in 2017,” Glassnode added.

Whales Dominate The Crypto Seas

Notably, BTC whales play a significant impact on crypto markets. For most traders, a huge whale population is a sign of a healthy crypto-asset as it shows that the well-financed investors are extremely confident about the price of BTC in the future. 

However, some suggest that the same whales have the ability to manipulate the cryptocurrency’s price. For instance, theories online linked the harrowing drop on Monday to whales on Gemini and Coinbase moving their holdings right before the steep plunge began. 

As the crypto market is still a burgeoning sector with traders that are mostly driven by fear and greed, the bitcoin price is unlikely to escape the whales’ tail flaps in the near future. All in all, BTC seems to have loyal large investors that have continued to accumulate since January despite the prevailing uncertain economic conditions.

Source: https://zycrypto.com/current-bitcoin-whale-population-looks-exactly-like-september-2017-just-as-btc-ascended-to-20k/

Blockchain

Whale alert detects the transfer of almost 23,000 BTC

Whale Alert notices transactions worth over 20,000 BTC Bitcoin price rises as high as $13,000 Whale alert, a significant blockchain tracking service, has noticed a bitcoin transaction worth over 10,000 Bitcoin and another over 8,000 BTC in the last twenty-four hours. The transactions  were worth over $200,000, and the transaction fee charged on both was […]

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  • Whale Alert notices transactions worth over 20,000 BTC
  • Bitcoin price rises as high as $13,000

Whale alert, a significant blockchain tracking service, has noticed a bitcoin transaction worth over 10,000 Bitcoin and another over 8,000 BTC in the last twenty-four hours.

The transactions  were worth over $200,000, and the transaction fee charged on both was worth less than $25.

Bitcoin was able to break over the $13,000 resistance recently, and crypto whales alert have been able to spot some other significant transactions in bitcoin.

All of these transactions have attracted only a low fee. They have been delivered swiftly compared to when huge transactions of this nature have gone through the traditional banking system that took days, if not weeks, to deliver. 

Such transactions, in the past, have also always attracted an exorbitant transaction fee. But with cryptocurrencies like Bitcoin, high transaction fees are a thing of the past, as the crypto asset charges a very negligible amount as a transaction fee.

Whale Alert records Bitcoin rising over $13000

Whale alert has shown that Bitcoin’s price has risen over the $13000 resistance for the second time in recent times after Paypal announced that its gateway system would be supporting transactions in cryptocurrency.

We reported how Paypal would allow its users to hold cryptocurrencies like Bitcoin, Ethereum, and other major crypto coins in their crypto wallets. And how the major payment gateway system plans to roll out this feature to all of their international users by 2021.

This major news played a role in the rising of Bitcoin’s price as it showed that the mainstream financial organizations were beginning to accept and adopt cryptocurrencies as a viable means of transaction across the globe.

Not only that, with PayPal coming into the crypto game now, other financial institutions would begin to actively seek means where they can also connect to the growing and widely accepted standards of financial transactions in the world.

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Blockchain

Not Wasting Time: PayPal Reportedly Considering to Buy Crypto Companies, Including BitGo

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  • PayPal, the world’s largest online payment processor, is reportedly exploring acquisitions of cryptocurrency-oriented companies.
  • Citing sources familiar with the matter, Bloomberg reports that this includes the popular Bitcoin custodian BitGo.
  • The sources also revealed that PayPal has been in talks with BitGo, and it could potentially reach a deal “within weeks.”
  • However, the negotiations could still “fall apart,” and, in this case, PayPal could choose to buy other companies.
  • At the time of this writing, PayPal and BitGo haven’t provided official statements on the matter, and it’s not clear how much would the payment processing giant pay for the acquisition of BitGo, should the deal move forward.
  • This comes a day after PayPal announced that it would enable its customers to buy, sell, and hold Bitcoin and other cryptocurrencies on its platform.
  • As CryptoPotato reported, the company is “working with central banks and thinking of all forms of digital currencies.”
  • It’s worth noting that PayPal will initially allow US-based customers to opt in to buy and sell crypto within the “coming weeks.” Accounts registered in other countries should be able to do so in the first quarter of 2021.

Featured image courtesy of PYMNTS

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Source: https://cryptopotato.com/not-wasting-time-paypal-reportedly-considering-to-buy-crypto-companies-including-bitgo/

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Institutional ‘Takeover’ of Crypto Continues as CME OI Surges

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Open Interest on one of the world’s largest exchanges continues to increase as proof.

According to data from Skew analytics, Open Interest on the Chicago Mercantile Exchange (CME) has surpassed that of retail exchange Binance and taken the second spot.

The move was noted by long-term Bitcoin trader Nick Cote who likened it to an ‘institutional takeover’.

Open Interest is a measure of the total number of outstanding derivative contracts, such as options or futures that have not been settled for the asset, in this case, Bitcoin.

Previously, exchanges such as BitMEX dominated for derivatives but since the legal proceedings against its executives, there has been somewhat of an exodus from the embattled exchange.

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OKEx OI is approaching a billion dollars which has been a historical rejection point, while CME is not far behind now with almost $800k. Aggregated OI across all the major exchanges has hit a monthly high of $5 billion according to the analytics provider. Bakkt comparably has very little OI with just $15 million.

Binance still leads the way for 24-hour futures volumes however with $4.75 billion according to Skew. Huobi and OKEx are second and third at $3.5 and $2.9 billion respectively.

The Institutions Cometh

Grayscale assets under management (AUM) continues to surge with the latest figure at $7.3 billion according to the institutional crypto trust provider.

The largest trust offering exposure to Bitcoin markets is now worth $6 billion which is more than the total AUM just two weeks ago.

As reported by CryptoPotato, Grayscale marked Q3 as its best quarter yet with over $720 million of Bitcoin inflows.

The big players in finance are certainly paying attention now, billionaire hedge fund manager Paul Tudor Jones III recently stated he liked Bitcoin even more now than when he first added it to portfolios in May. Meanwhile, veteran trader Peter Brandt attributed this rally to the increasing involvement of institutions.

Crypto Market Outlook

At the time of writing Bitcoin was still dominating crypto market momentum. Total capitalization was near its highest level this year, close to $390 billion according to Tradingview.com. It has increased by over 110% since the beginning of the year.

For the past two years, the fourth quarter has been bearish but 2020 seems to be following the 2017 pattern, ending the year on a bull run.

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Source: https://cryptopotato.com/institutional-takeover-of-crypto-continues-as-cme-oi-surges/

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