The cryptocurrency market has been on a rollercoaster ride for the past few weeks, with Bitcoin and Ethereum prices fluctuating wildly. As the market remains unpredictable, it is important to stay up to date with the latest developments in order to make informed decisions.
Whales recently moved roughly $743 million worth of cryptocurrencies, which could indicate a potential bullish or bearish price move. In this article, we’ll discuss what you need to know about this event and how it may affect Bitcoin and Ethereum prices in the future.
Whales Moves $743M Into Crypto – Here’s What You Need To Know
Bitcoin recently hit an all-time high of $23,000, which is the talk of the cryptocurrency world. There is also a focus on the three big whales BTC and ETH that are gaining attention among the cryptocurrency community. In what could be considered an amazing event, the whales moved a whopping $743 million in cryptocurrency through 3 transactions combined.
On Friday, a major cryptocurrency investor known as the Bitcoin Whale transferred 13,369 BTC worth $311 million from an unknown wallet to another. The crypto transaction was tracked to one of the top 65 Bitcoin wallets according to BitInfoCharts. The wallet was used both for sending and receiving funds.
On Saturday, a large amount of Ethereum worth $309 million was moved from one unknown wallet to another by a so-called whale. The transfer amount was 186,009 ETH.
Whale Alert later discovered another large $123 million Bitcoin transaction originating from Gate.io and transferred to an unidentified wallet. The amount sent was 5278 BTC tokens.
Someone recently transferred funds to a cold wallet to make a purchase, or they may have done so as an extra security measure. Moving money from an exchange to a cold wallet is often considered more secure than keeping funds on an exchange.
Over the past 24 hours, Bitcoin has held steady, with a slight drop of 0.5% to $23,305. On the other hand, Ethereum saw a slight increase of 0.1% to 1664 during the same time period.
Ray Dalio on Bitcoin: Why It’s Not a Good Bill of Money, Store of Value, or Medium of Exchange
Ray Dalio, founder of Bridgewater Associates, is a well-known investor and recently expressed his opinion on Bitcoin. In his opinion, Bitcoin is not suitable as money, a store of value or a medium of exchange.
He believes that it is too volatile and unpredictable to be used as a currency. He also believes that it cannot be used as a means of storing value due to its lack of intrinsic value and lack of regulatory oversight.
Finally, he believes that it cannot be used as a medium of exchange because its transaction fees are too high for most people to use it in everyday transactions.
Despite these criticisms, he believes that bitcoin could become an asset class in the future and potentially have some use in certain contexts.
I think it was really amazing that it took 12 years to achieve that… But I think it has nothing to do with it… It’s a small thing that gets a disproportionate amount of attention.
Billionaire investor Ray Dalio recently compared the total market value of Bitcoin to Microsoft stock. As of Friday, Microsoft was worth $1.92 trillion, while Bitcoin was just a third of that amount.
According to Ray Dalio, biotech and other industries are comparatively more interesting than investing in cryptocurrency.
It will not be effective money. It is not an efficient store of wealth. It is not an efficient medium of exchange.
Thus, his remarks put downward pressure on leading cryptocurrencies.
Bitcoin price
The current price of Bitcoin is $23,365 and the 24-hour trading volume is $15 billion. In the last 24 hours, it has increased by 0.10%. It ranks #1 on CoinMarketCap with a real market capitalization of $450 billion.
The current number of bitcoins in circulation is 19,281,825 coins out of a possible maximum supply of 21 million.
Recently, Bitcoin has been trending lower, and its immediate support zone is $23,300. If it breaks this level, it could lead to further price losses – eventually settling at $23,000, which is marked by an ascending trend line and could be seen as a potential support point.
The RSI and MACD indicators indicate that increased selling pressure is possible, which could push BTC price down to $22,750 as the next support level.
Currently, the 50-day EMA is pointing to positive momentum above $23,300 for BTC/USD. This suggests that a rebound may be imminent. If the price breaks above the $23,950 mark, it could potentially rise to around $24,500.
Ethereum price
The current price of Ethereum is $1,664 and the 24-hour trading volume is $5.9 billion. Its value has also increased by 0.50% in the last 24 hours. Ethereum ranks second on CoinMarketCap with a total market capitalization of approximately $203 billion.
The ETH/USD pair has not made much progress over the past couple of days and is currently trading in a limited range between $1,650 and $1,685. If it breaks out of this range, the price may reach $1,720.
The Relative Strength Index (RSI) and the Moving Average Convergence/Divergence (MACD) indicators have started to point in opposite directions, signaling a potential trend reversal. One indicator suggests a buy, while the other indicates that investors should look to sell.
The 50-day exponential moving average signals a possible bullish trend with values above $1,620 indicating bullish coin prices.
