8.5 C
Manchester
October 3, 2022
Image default
Bitcoin

– Bitcoin, cryptocurrencies and blockchain technology.

According to Chainalysis chief economist Philip Gradwell, bitcoin whales – wallets with BTC worth $ 20 million or more – have accumulated a total of 500,000 bitcoins worth $ 11.5 billion since September. Gradwell on his Twitter account published a very interesting chart showing the accumulation of whales over time.

Whales and institutions are the catalyst for the current rally

From the observations and the Gradwell chart, it appears that whale accumulation of BTC was the main catalyst for the last bull rally. This fact is further confirmed by institutional investors such as MicroStrategy and Grayscale, constantly buying Bitcoin even at current levels. Institutional investors are not waiting for a huge correction as Bitcoin is in a strong bullish cycle.

At the time of writing this article, Bitcoin costs $ 22,850. The oldest cryptocurrency seems to have consolidated around a 23k price area. dollars. How will Bitcoin behave over the weekend? In fact, it can go in any direction. First, weekends have tended to be green over the past few weeks and retail traders have been able to push bitcoin higher. Secondly, BTC is in the overpriced area and we can see a correction before the next climb.

It is also worth mentioning that 92,900 Bitcoin options expire on Christmas Day. This lapse is the greatest ever. This situation increases the chances of high volatility before the end of the year.

source: Skew

Current course You can always check Bitcoin and other cryptocurrencies in the tabs: exchange rate Bitcoin and the cryptocurrency rate on the website . A place where you can buy BTC and more coins, include cryptocurrency exchange BitBay.net. If you do not have an account on BitBay yet, from this article you will learn how to efficiently create one: LINK.

Related posts

Academic study points out that Tether is not driving Bitcoin

Anupreet Kaur

The outflow of gold investors is pushing Bitcoin up

Aparnna Hajirnis

Police in China warn: scammers are impersonating the digital yuan project –

Aparnna Hajirnis

Leave a Comment