Bitcoin experienced a significant drop in price last week, reaching its lowest point in over two months at just above $25,000. However, recovery attempts saw the cryptocurrency regain around $1,000. Since then, the price has remained relatively stable around $26,000, with only minor fluctuations. On Thursday, there was a notable price jump that pushed BTC to $26,800, but it quickly fell back to $26,000.
During this period of price volatility, larger investors known as sharks and whales took advantage of the price crash to accumulate over $300 million worth of BTC. The total number of Wallets holding between 10 and 10,000 BTC has also increased to over 150,000.
While Bitcoin experienced minor losses for the week, altcoins like Ripple, Tron, TONCOIN, and Stellar saw gains of up to 6%, with XLM being the highest performer. However, PEPE experienced a decline of almost 20% amid speculations and reports about suspicious transfers and claims regarding its creator.
Bitcoin’s network fundamentals remain strong, with the key difficulty metric reaching an all-time high. Additionally, the percentage of BTC stored on exchanges has dropped to its lowest level in six years, indicating declining immediate sell pressure.
In terms of other cryptocurrencies, two more applications for Ethereum ETFs were filed with the SEC, signaling growing interest in having an exchange-traded fund tracking the price of ETH.
BitMEX founder Arthur Hayes stated in a blog post that Bitcoin could serve as an “antidote” for the flawed and corrupt fiat banking system, which he believes is destined to fail.
Sam Bankman-Fried, the founder of FTX, who is currently facing legal issues, recently complained about the lack of vegan food in prison, where he is being held. His trial date is set for October 2.
Ripple’s XRP experienced a significant rally after winning a court case against the SEC earlier this summer. However, the momentum seems to have faded, as XRP has returned to its pre-victory levels of around $0.5.
Overall, while Bitcoin’s price has been relatively stable in recent days, the cryptocurrency Market has seen mixed performance, with some altcoins experiencing gains while others face declines. The network fundamentals of Bitcoin remain strong, and larger investors continue to accumulate BTC..
#Bitcoins #Rally #27K #Stopped #Network #Fundamentals #Whale #Activity #Remain #Strong #Weekly #Crypto #Recap
During this period of price volatility, larger investors known as sharks and whales took advantage of the price crash to accumulate over $300 million worth of BTC. The total number of Wallets holding between 10 and 10,000 BTC has also increased to over 150,000.
While Bitcoin experienced minor losses for the week, altcoins like Ripple, Tron, TONCOIN, and Stellar saw gains of up to 6%, with XLM being the highest performer. However, PEPE experienced a decline of almost 20% amid speculations and reports about suspicious transfers and claims regarding its creator.
Bitcoin’s network fundamentals remain strong, with the key difficulty metric reaching an all-time high. Additionally, the percentage of BTC stored on exchanges has dropped to its lowest level in six years, indicating declining immediate sell pressure.
In terms of other cryptocurrencies, two more applications for Ethereum ETFs were filed with the SEC, signaling growing interest in having an exchange-traded fund tracking the price of ETH.
BitMEX founder Arthur Hayes stated in a blog post that Bitcoin could serve as an “antidote” for the flawed and corrupt fiat banking system, which he believes is destined to fail.
Sam Bankman-Fried, the founder of FTX, who is currently facing legal issues, recently complained about the lack of vegan food in prison, where he is being held. His trial date is set for October 2.
Ripple’s XRP experienced a significant rally after winning a court case against the SEC earlier this summer. However, the momentum seems to have faded, as XRP has returned to its pre-victory levels of around $0.5.
Overall, while Bitcoin’s price has been relatively stable in recent days, the cryptocurrency Market has seen mixed performance, with some altcoins experiencing gains while others face declines. The network fundamentals of Bitcoin remain strong, and larger investors continue to accumulate BTC..
#Bitcoins #Rally #27K #Stopped #Network #Fundamentals #Whale #Activity #Remain #Strong #Weekly #Crypto #Recap
