Large bitcoin holders seem to believe that this is far from being the end of the 2021 bull cycle. Data reveals that whales took the opportunity to buy a whopping $3.5 billion, or 67,000 BTC, while the cryptocurrency was plunging towards $42,000.
As CryptoPotato reported on December 5th, bitcoin’s price had dropped to $42,000 (on Bitstamp) – its lowest point since late September, for a cumulative crash of more than $16,000 in a day.
Huobi – one of the leading cryptocurrency exchanges with a prominent focus on the Chinese market – experienced a flash crash where the BTC price dropped to $28.8K instantly.
All of this resulted in billions of dollars worth of liquidated long positions, causing nothing but mayhem within the community.
Bitcoin whales, though, seem to have played this price movement “to perfection,” according to data from Santiment.
The firm, which specializes in on-chain and social metrics of more than 2,000 cryptocurrencies, revealed that addresses holding between 100 to 10K BTC bought 67,000 bitcoins, beginning during the dump to $43.5K. That’s worth around $3.44 billion at current prices.
Bitcoin has recovered back to $50.1k Monday, and whale traders played the dip to perfection. Beginning during the dump to $43.5K, addresses holding 100 to 10K BTC have accumulated 67K more BTC after dumping the same amount before the price drop.
Source: Santiment
Meanwhile, earlier today, we reported that the third-largest BTC whale also took advantage of the dip and bought more than 2,700 coins in a day at around $50K.
BNB, SOL, and ADA opened in green today, but sellers don’t appear ready to give up. Chart by TradingView 1. BNB Price Prediction Today, Binance Coin returned to an uptrend after a short pullback. The price is $544, and the trend is bullish after the key support at $500 rejected any attempt by sellers to
Decentralized exchange Curve Finance has teamed up with Metronome and Alchemix to offer a 10% bug bounty to the attackers behind the recent exploit that saw more than $50 million siphoned off the platforms’ pools. According to an on-chain message on one hacker’s Ethereum address, the protocols are willing to cease the pursuit of the…
Just recently Binance acquired a crypto-asset derivatives trading platform and announced that it intends to foray into the field of cryptocurrency futures, options, and other derivative products. Hence, one of the things that it had to settle was the auto-deleveraging section which governs counterparty liquidation. Looking at Binance’s official page, however, we can see that…
TL;DR XRP has fallen 15% in a week but remains a focus for optimistic long-term price predictions. Analysts foresee potential short-term gains for the asset due to overcoming important resistance levels. Ripple’s XRP has tumbled by 15% in the past month (per CoinGecko’s data), currently hovering at the $0.52 mark. Nonetheless, some analysts and entities
With YAM Financial’s token value almost at zero, the team behind the project has proposed a two-phase migration plan that could see an audited version. Two-Step Migration Process for YAM In a Medium blog post on Friday (August 14, 2020), the YAM Finance team announced plans for a planned migration to a new protocol called…
This week, we take a closer look at Ethereum, Cardano, Solana, Chainlink, and NEAR Protocol. Ethereum (ETH) Ethereum had an uneventful week, with the price being almost flat the whole time. ETH closed the past seven days with a minor 3.5% loss. The descending triangle (represented in blue on the below chart) remains intact, and…
In recent months, Ethereum has experienced a significant surge in price, surpassing multiple resistance levels. However, the bullish momentum appears to be fading, and the cryptocurrency is currently having difficulty in continuing its upward trend. As of now, ETH is struggling to maintain its position and surpass a significant resistance region. Technical Analysis By Shayan…
2024 saw massive gains for the crypto market, but meme coins dominated the narrative. Owing to its notable resurgence, several meme coins even emerged as some of the top-performing cryptocurrencies of the year, contributing to the rise of new crypto millionaires along the way. Speculative Meme Coins Take Over Crypto According to CoinGecko’s report, meme
Featured – Effective May 25th, 2019, Dobi Exchange re-listed ILCoin, opening up new trading opportunities surrounding this innovative quantum resistant blockchain project. As the bulls continue pushing the overall cryptocurrency market cap higher and higher following a prolonged “crypto winter”, both beginner and experienced traders will inevitably be seeking new and exciting trading opportunities in…
