The broader cryptocurrency market has yet again encompassed a $2.5 trillion market cap with exorbitant gains. Bitcoin alone achieved 14.86% of profits over the last 7 days. The earlier bid for the asset at an All-time high was in May. As the equivalent drift is approaching for the asset over again, it may soon rise to new heights.
Bitcoin Shines, Whale Game Fails!
Wu Blockchain, a popular crypto journalist, shared a Bitcoin price chart from Tradingview on 19th October 2021. He highlighted a major BTC/USDT trading volume spike that appeared on OKEx. Interestingly, the impact from the big sell order didn’t reflect on the chart. In his message thread, he added that the sell order was most likely eaten by the buying dominance in the space.
According to the data of TradingView, between 10 and 11 o'clock in the morning today, the trading volume of the BTC/USDT trading pair on OKEX released a huge volume of more than 10,000 BTC. pic.twitter.com/eYNX78Qmcq— Wu Blockchain (@WuBlockchain) October 19, 2021
Analyst underlined that a pending sell order of 14,000 BTC in BTC/USDT trading pair on OKEx. Besides, OKEx launched the card game Gods Unchained, which caused OKB’s price to soar by 24.61% in 24 hours. In response to his message thread, some even claimed that China is behind this whale game. However, the market was so bullish that whales’ attempt to dump Bitcoin seems to have gotten eaten up straightway as buyers jumped in immediately!
In another metrics revealed by Santiment, the total active addresses of the Bitcoin network yet again registered 1 million since its May market crash. Moreover, the 200-hour trendline has shown a steady rise in the number of addresses since mid-July. The analytical firm indicated that surging activity is followed by Bitcoin’s recent attempt to break previous ATH.
📈🥳 #Bitcoin has risen to $63.2k now, and is within 2.2% of its $64.6k #AllTimeHigh. Address activity (pictured here), circulation, whale/exchange activity, and sentiment are all playing major factors in history potentially being made for $BTC. https://t.co/sgEThHePKG pic.twitter.com/FHJ4YO8PiY— Santiment (@santimentfeed) October 19, 2021
Meanwhile, the interesting part is, prior to its bull run in the Q1 of 2021, the address activity of the network soared by 102% reaching 1.2 million by January 2020. As a similar trend is manifesting yet again, the compelling interest could uplift the Bitcoin price.
Collectively, as the dominant asset is approaching new ATH, reports say over 95% of holders are in profit now! However, Bitcoin price is trading at $63,938 at the press time with 2.99% gains in the last 24-hours. The star crypto is on the verge of a crucial breakout and could soon take a leg up to higher highs.
Peter Schiff Names Real Reason Behind Bitcoin Drop
Popular digital assets critic believes that measures against inflation are the real reason behind the most recent market correction
The famous Bitcoin and crypto critic, Peter Schiff, provided his Twitter subscribers with a potential reason behind one of the largest corrections on the cryptocurrency market this year.
According to Schiff, Bitcoin’s correction was tied directly to the Fed’s action toward risk assets like cryptocurrencies and some stocks. Previously, Jerome Powell hinted that tapering might happen sooner than the market expects.
Risk assets like stocks & #Bitcoin are tanking simply because Powell hinted the #Fed might wrap up the taper a couple of months early and the first 1/4 point rate hike may also come a bit sooner. Imagine what would happen if the Fed was actually serious about fighting #inflation!— Peter Schiff (@PeterSchiff) December 3, 2021
In addition to the end of the quantitative easing monetary policy, Powell has stated that the point rate may be increased sooner than was expected due to the inflation’s change of nature, which has become a real threat to the country’s economic safety and stability.
All of the actions that the Fed is currently taking are designed to control inflation, which is currently hitting highs previously observed back in the Depression era.
High-risk assets like Bitcoin and other digital assets were allegedly considered a store of value for those who wished to protect their funds from increased inflation. Schiff is a widely known critic of cryptocurrencies, and he believes they should not be considered an inflation hedge.
Whales Suddenly Move $320,000,000 in Bitcoin to a Single Destination – Here’s Where the Crypto Is Headed
Crypto whales just moved over 5,800 Bitcoin (BTC) worth more than $327 million into a single destination, according to a whale-surveilling platform.
Whale Alert tells its 1.8 million followers in a series of tweets that in the last 24 hours crypto whales are relocating thousands of BTC amid a correction that saw Bitcoin tumble to a new 30-day low of $52,416.
Five of the transactions involved shifted BTC from wallets of unknown origins to popular US-based crypto exchange Coinbase. Meanwhile, one transaction moved a large sum of Bitcoin from global crypto exchange Binance to Coinbase.
Here’s a summary of the BTC transactions:
- 530 BTC worth $30.05 million transferred from unknown wallet to Coinbase
- 1,000 BTC worth $56.69 million transferred from unknown wallet to Coinbase
- 525 BTC worth $29.53 million transferred from unknown wallet to Coinbase
- 842 BTC worth $46.98 million transferred from unknown wallet to Coinbase
- 1,000 BTC worth $54.69 million transferred from Binance to Coinbase
- 2,000 BTC worth $109.06 million transferred from unknown wallet to Coinbase
While crypto investors tend to be concerned that a massive influx of Bitcoin into the crypto exchanges might indicate downward selling pressure, insights firm Into the Block reports that centralized exchanges recorded more outflows than inflows during the past week.
The crypto intelligence platform says,
“Bitcoin recorded nearly $2 billion in net outflows from centralized exchanges, the highest level in five weeks.”
At time of writing, BTC is down nearly 7.14% on the day to $52,557.
Ethereum Price Analysis: ETH drops 25 percent from previous swing high, ready to recover?
- Ethereum price analysis is bullish today.
- ETH/USD rejected further downside at $3,600.
- Previous support at $3,950 is currently tested as resistance.
Ethereum price analysis is bullish today as we expect further recovery to follow after a strong reaction higher from the $3,600 was seen this morning. Likely ETH/USD is set to break above the current resistance, moving to regain even more over the weekend.
The market has seen strong bearish momentum over the last 24 hours. The market leader, Bitcoin, has lost 17.23 percent, while Ethereum 14.83 percent. Meanwhile, the rest of the market has seen even more substantial losses.
Ethereum price movement in the last 24 hours: Ethereum breaks below $3,950 previous support, rejects more downside at $3,600
ETH/USD traded in a range of $3,739.39 – $4,647.29, indicating extreme volatility in the market. Trading volume has spiked by 113 percent, totaling $41.2 billion, while the total market cap trades around $465 billion, resulting in the market dominance of 21.16 percent.
ETH/USD 4-hour chart: ETH reacts back to previous lows
On the 4-hour chart, we can see the Ethereum price swiftly rejecting further downside after touching the $3,600 mark this morning.
Ethereum price action saw strong bullish momentum during the first half of the week. After establishing and retesting the new low at $3,950 last weekend, ETH/USD started to move higher on Monday quickly.
Ethereum reached $4,750 resistance by Wednesday, as bulls were eager to move towards the previous all-time high. However, more upside did not follow, leading to a reversal over the next days.
Another attempt to test upside was seen Yesterday, with the following rejection leading to a strong spike lower. Overnight, the Ethereum price broke past the previous swing low at $3,950, leading to more downside this morning. Strong reaction, preventing further downside, was seen at $3,600, with ETH/USD since moving back towards the previous low.
Ethereum Price Analysis: Conclusion
Ethereum price analysis is bullish today as we saw a swift drop to $3,600 met with a strong reaction higher this morning. Therefore, we assume ETH/USD has set a new swing low, and further recovery should follow over the weekend.
While waiting for Ethereum to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.