Latest News

Crashes are the best times to get rich — Robert Kiyosaki

Bitcoin whale activity has risen to a four-month high as $BTC whales began purchasing the flagship cryptocurrency’s slump. As it approached important support at $20,000 and threatened to fall below it.

The greatest influx since February of this year was noticed this week. According to IntoTheBlock, which employs a statistic called Large Holders Inflow to track the funds pouring into addresses belonging to BTC whales. 116,000 bitcoins worth $2.5 billion moved in a single day.

According to IntoTheBlock, these addresses tend to buy in size following big market corrections, which could indicate a potential bottom in the cryptocurrency’s price. Bitcoin’s price has lately dropped as part of a broader market correction that has seen the crypto space’s global capitalization fall below $1 trillion.

According to CryptoCompare, the cryptocurrency tested the $20,000 level before settling at $21,000. It has dropped 2.4 percent in the last 24 hours to $20,600 at the time of writing. The $20,000 level is critical because it is a psychological support level near the peak of the 2017 bull market.

Using data from Glassnode, a crypto influencer on social media claimed that whales “sell into strength and buy into weakness,” citing a graphic showing that the number of Bitcoin addresses with a balance of more than 10,000 BTC increased recently when prices fell.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.