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Bitcoin Drops Over $3000 to $16,806 Per Coin as Whales Prepare to Take Profit

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Bitcoin price depreciated by over $3000 in the last three days to $16,806 per coin following the transfer of almost $1 billion worth of Bitcoins from wallets to exchanges by bitcoin whales.

Also, almost $2 billion worth of derivative positions have been liquidated in the last 24 hours while $1.6 billion worth of positions have been closed in the last 12 hours, according to data from Bybit.

Bitcoin Whales are individuals or groups that own 1000 BTC or more in a single wallet. 

The world’s most dominant cryptocurrency Bitcoin rose from $10,000 to $19,400 per coin in the last seven weeks due to global uncertainty and the negative impact of COVID-19 on traditional assets.

However, it was the report that the United States Treasury Department plans to track owners of self-hosted cryptocurrency wallets that halted the bullish run and forced a pullback as whales that preferred to remain anonymous have started moving their coins to protect earnings against potential taxes.

Alex Kruger, Coinbase CEO, said “This [regulatory concerns], against a backdrop of euphoria and unsustainable high leverage among longs led to the largest 24-hour drop since March.”

Quoting Brian Armstrong, who first tweeted about Treasury Department’s plan to track Bitcoin Whales, Kruger said bitcoin and the entire cryptocurrency space could turn extremely bearish if that tweet turned out to be true. However, he said it is highly unlikely in the short-term.

He said “if what Armstrong talked about comes to be, it would be extremely bearish. As of now, I see that as highly unlikely (in the short-term).”

Kruger added that OKEX’s recent announcement that it has resumed withdrawals might have amplified the bearish trend that led to over a $3000 plunge in bitcoin value.

Most of the frozen bitcoin [on OKEx] had traded up around 70%, so there were a lot of unrealized profits locked up there,” Sui Chung, CEO of CF Benchmarks, said in a statement. “Once these coins were free to move, it’s likely many traders sold them for dollars and stablecoins to realize those gains, adding greater momentum to the selling.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Cryptocurrency

Crypto Market on Edge: Bull Run Cools Down Amid Bitcoin ETF Approval and Solana Hype

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The crypto market is experiencing a period of uncertainty as the recent bull run shows signs of cooling down, despite the euphoria surrounding the approval of a Bitcoin exchange-traded fund (ETF) and the surging interest in the Solana ecosystem.

Bitcoin’s meteoric rise following the ETF approval, coupled with the sudden spike in interest in Solana, had propelled the market to new highs.

However, recent movements suggest that the upward momentum is dissipating, raising concerns among investors about an impending correction.

While the crypto market has seen remarkable growth, it remains heavily influenced by Bitcoin’s price movements.

Altcoins, including popular meme coins and projects in the Artificial Intelligence (AI) sector, have largely followed Bitcoin’s cues for directional bias.

Altcoins like Worldcoin (WLD) and Fetch.AI had experienced staggering surges of around 500%, while meme coins such as dogwifhat (WIF) and Book of Memes (BOME) also witnessed significant gains.

However, as Bitcoin’s price stabilizes and shows signs of slowing down after a remarkable 54% year-to-date return, the altcoin market is also experiencing a slowdown in momentum.

The recent bearish swing failure pattern observed in Bitcoin’s price on the weekly timeframe has added to the market’s unease, leading to caution among investors.

This waning of buying pressure has triggered profit-taking activities, resulting in a decline in the total cryptocurrency market capitalization from $2.89 trillion to $2.66 trillion, according to CoinGecko data.

As the market grapples with uncertainty, investors are advised to exercise caution and closely monitor developments to navigate through the evolving landscape of the crypto market.

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Federal High Court Orders Binance to Disclose Nigerian Traders’ Information

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The Federal High Court in Abuja has directed Binance Holdings Limited to furnish the Economic and Financial Crimes Commission (EFCC) with detailed information concerning Nigerian individuals engaged in trading on its platform.

The court’s decision followed an ex parte motion filed by the EFCC seeking information regarding Nigerian users of Binance.

According to the suit marked FHC/ABJ/CS/259/2024 and dated February 29, the EFCC invoked sections of the Economic and Financial Crimes Establishment Act, 2004, and the Money Laundering (Prevention and Prohibition) Act, 2022, in its bid to obtain comprehensive data on Nigerian traders on Binance.

In an affidavit supporting the motion, an EFCC operative, Hamma Bello, alleged that the commission’s Special Investigation Team received intelligence suggesting that money laundering and terrorism financing activities were being facilitated through Binance.

Bello asserted that the investigation revealed instances of price manipulation on the platform, resulting in distortions in the market and depreciation of the Naira against other currencies.

The EFCC operative highlighted that Binance’s trading volume from Nigeria in 2023 alone amounted to a staggering $21.6 billion.

Justice Emeka Nwite, in granting the interim order, directed Binance to provide the EFCC with comprehensive data pertaining to all Nigerian traders on its platform.

This ruling underscores the Nigerian government’s commitment to combating financial crimes and ensuring transparency in cryptocurrency transactions.

Binance, a prominent online exchange for cryptocurrencies, now faces heightened scrutiny as it must comply with the court’s directive amidst ongoing investigations into illicit financial activities facilitated through its platform.

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AI Crypto Tokens Surge, Outpacing Bitcoin: Market Value Hits $26.4 Billion

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The intersection of artificial intelligence and cryptocurrency has ignited a substantial surge in the crypto market, with tokens linked to AI-focused projects experiencing unprecedented growth.

Over the past year, these tokens have outpaced even the juggernaut of the cryptocurrency world, Bitcoin, as investor appetite for AI applications such as machine learning remains insatiable.

According to data from CoinGecko, the combined market value of AI crypto tokens has skyrocketed to a staggering $26.4 billion, up from a mere $2.7 billion just last April.

This meteoric rise has been accompanied by a surge in trading volumes, reaching an all-time high of $3.8 billion in late February, as reported by Kaiko Research.

Investors are flocking to AI crypto tokens due to their potential to disrupt traditional industries and solve long-standing challenges in the AI sector, such as privacy concerns and the need for massive computing power.

Markus Levin, co-founder of blockchain data storage firm XYO Network, predicts a growing fusion of AI systems and blockchain networks, leading to innovative use cases that span across both industries.

The CoinDesk Indices Computing Index, which includes AI-linked tokens, has leaped over 165% in the past 12 months, outpacing Bitcoin’s rise.

Analysts foresee continued momentum for AI crypto tokens, with some suggesting that AI applications could become the primary driver of crypto’s value proposition.

Leading blockchain projects in this space include Render Network, Fetch.AI, and SingularityNET, offering platforms for AI-generated graphics sharing, AI app development, and AI services marketplace, respectively.

Ahmad Shadid, founder of AI-focused blockchain startup io.net, emphasizes the growing realization among investors that diversification into AI-linked products provides resilience against crypto market fluctuations, highlighting the burgeoning significance of AI in the crypto landscape.

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