[ad_1]
Large entities are taking center stage in the rapidly changing financial market, amid the heightened price volatility seen in the flagship cryptocurrency (Bitcoin) market.
What we know
Data recovered by Bitcoin Block Bot, an advanced encryption tracker, revealed that someone moved 22,816 BTC ($ 386 million) to block 658,953 a few hours ago.
READ: Two cryptocurrencies you should consider investing in
READ: 100,000 tons of cocoa blocked in ports due to CBN documentation – Cocoa exporters
Whale alert! 🐋 Someone moved 22,816 BTC ($ 386 million) to block 658,953 https://t.co/ffndnEuLx6
– Bitcoin Block Bot (@BtcBlockBot) November 27, 2020
READ: Crypto: Financial market that never sleeps or is under central authority
At the time of writing, Bitcoin was trading at $ 17,048.47 with a daily trading volume of $ 28,874,917,829.
It is vital to note that recent price action in the flagship cryptocurrency market indicates that a significant number of buyers have aggressively bought at the $ 16,000 price support level, which is marked by large entities.
READ: Crypto: Large Investors Transfer Over 700,000 Ethers
This further demonstrates that the demand for bitcoin is relatively high, as bitcoin whales hold back a larger withdrawal, at least in the short term.
Nairametrics, predicts that growing buying pressures from such large entities are partly responsible for the relative rebound seen in the bitcoin market.
READ: Ripple blocks 800,000,000 XRP, prices rise
Although it is often difficult to predict movements in the cryptocurrency market, taking into account the high volatility. BTC whales have historically proven that they often drive the BTC trend.
What this means from a macro level is that the increase in the number of these large entities can be considered bullish.
Explore the data on the Nairametrics research website
[ad_2]Source link
