Bitcoin (BTC) saw some new lows in August and several other crypto assets. Notwithstanding, despite the recent blows the asset has suffered of late, it appears BTC accumulation trends are looking favourable. The number of BTC key whale addresses has seen a massive growth.
BTC key whale addresses have surged to 15,847
Crypto behaviour analytics platform Santiment released a chart indicating the accumulation trend of BTC whale addresses (holding 100 to 10,000 coins). According to the chart, BTC saw a sharp increase in the number of these whale addresses in the past 30 days. The chart indicated a rise of up to 103 more whale addresses within that time.
The last time BTC witnessed such a surge was in February, when the asset was trading between $38k and $44k. The 103 increase in gigantic whale addresses brings the total number of addresses holding 100 to 10,000 BTC to 15,847. This whale accumulation comes when BTC has broken below the $20k support. Sentiments have also remained generally bearish of late amidst inauspicious market realities.
As noticed on the chart, there appears to be a massive correlation between the price of BTC and the growth in the number of whale addresses. The previous rally of November 2021 was in tandem with a significant increase in whale addresses. As the rally lost steam in the preceding months, there was a respective decrease in whale addresses. This recent surge could be a promising indicator of an imminent breakout.
Powell’s speech contributed to BTC’s current dip
Bitcoin has fallen alongside the rest of the crypto markets following hawkish comments from Federal Reserve Chair Jerome Powell. The effects of Powell’s speech have also been observed in the traditional stock market. Major stocks took a nosedive on Friday, with the losses spilling to the weekend.
Before Powell’s speech, the markets had been hanging on by a thread. The comments from Powell pushed the markets further below. Bitcoin (BTC) broke below the $21k zone on August 27, with $20k as the last line of defence. However, the weekend brought further dips, as BTC fell below the $20k support.
The asset had been consolidating around this zone on Sunday. However, it has not traded above the $20k level throughout Monday, pumping in more fears of further declines. Notable crypto analyst ‘il Capo of Crypto’ had forecasted a price target of $16k in the coming weeks.
According to him, should BTC touch $19k, the community should regard that as an indication of a price trigger to $16k. At the time of writing, BTC currently trades at $20,053, with a 7.36% decrease in the past seven days.
Many interesting facts about the market are revealed in the results of the Annual Australian Crypto Survey, which was commissioned by Swyftx, an Australian crypto exchange. It is important to understand that the recent survey of the crypto industry in Australia consists of multiple sections covering the entire market. It is covered in this report […]
Tether USDT is the largest stablecoin by market cap. Also, the token ranks among the top five in the overall market capitalization of all crypto assets. Through several progressive road maps and other development plans, Tether USDT has risen over the years. Recently, the stablecoin announced its launch on Polkadot. USDT is a product of […]
The mission to keep the value of Terra Classic (LUNC) has been undertaken by the entire community, and Binance has managed to always be at the forefront of this. The proposed 1.2% transaction fee burn was fully supported by the community, which caused the value of the digital asset to surge. Now, Binance has joined […]
The Walt Disney Company has recently posted a job advertisement and is looking to hire an experienced corporate lawyer to work on transactions involving emerging Web3 technologies, including NFTs, blockchain, metaverse, and decentralized finance (DeFi). Despite a crypto downturn, global companies are betting big on Web 3 technologies. Even the global financial predicament is unable […]
According to a recent report, Kraken’s new CEO, Dave Ripley, announced that he does not intend to register Kraken with SEC. Security token offerings (STOs) started gaining traction in the crypto industry in 2017 and grew remarkably in 2018. The number of successful STOs increased over the years and is still growing. However, many crypto […]
The long-awaited ‘Ethereum merge’ has battered the graphics card industry in China due to its transition from proof-of-work (PoW) to proof-of-stake (PoS) consensus that no longer requires mining. As a result, video cards that were used previously for mining the asset are selling at a discounted price of more than 50%. According to a report, […]