Altcoin
Bitcoin Whale Sold on Binance! Altcoins Soar While BTC Falls
The cryptocurrency market today paints a complex picture. Bitcoin (BTC) price is hovering around $63,000, showing signs of volatility. Other leading cryptocurrencies such as Ethereum (ETH), XRP, and Solana (SOL) have also experienced similar price movement, both up and down. The global cryptocurrency market value has decreased by 0.75% to $2.32 trillion today. However, the total transaction volume has increased by 5.77% over the past day and reached $54.06 billion. Here is a quick summary of some of the top cryptocurrencies and their price movements as of July 2…
And what about Bitcoin and altcoins?
Bitcoin price has been mostly in the red zone for the past 24 hours. The cryptocurrency is currently trading at $63,110.91, down 0.31%. The daily low and high levels were recorded at $62,495.51 and $63,777.23, respectively. At the time of writing, ETH The price was trading at $3,456.91, down 0.99%. The lowest and highest levels in the last 24 hours were recorded at $3,425.32 and $3,494.09, respectively. The decline in price action follows significant Ethereum outflows and a massive ICO whale sell-off recorded since yesterday.
Despite experiencing a rollercoaster ride over the past 24 hours, Solana managed to trade at $149.60, up 1.25%. Solana’s daily lows and highs were $145.82 and $149.46, respectively. XRP price continued its horizontal course and reached $0.4784 with a marginal increase of 0.02%. The lowest and highest levels in the past 24 hours were recorded at $0.4759 and $0.4828, respectively, highlighting the consolidation phase of the token.
DOGE and SHIB prices have seen declines, reflecting the broader market movements. DOGE price is trading at $0.124, down 2.03% over the past 24 hours. SHIBISCOPE price dropped by 1.68 percent to $0.0000172. Pepe coin (PEPE) also dropped by 4 percent to $0.00001153. However, Bonk was among the biggest gainers on the day. The hourly charts of Bitcoin, ETH, and major altcoins are showing bullish signs, giving hope for future moves. Meanwhile, the prices of BONK, BEAM, EGLD, and OM are up by 13 percent, 5.96 percent, 5.75 percent, and 4.9 percent, respectively.
Giant BTC Whale’s Move Has Drawn Attention
However, the cryptocurrency market was shaken by a significant move in the early hours. A giant Bitcoin whale or institution transferred $114 million in BTC to Binance. This transaction shook the entire market and pushed the price of Bitcoin below $63,000. In addition, fears of another sell-off also increased. According to data from Arkham Intelligence, a whale or institution transferred 1,800 BTC worth $114 million to Binance in the morning. This transfer caused the price of Bitcoin to drop from $63,800 to $62,900.
This whale or institution has been active in the market recently. It had previously withdrawn 6,725 BTC worth $437 million from Binance and OKX. However, in the last five days, it transferred 3,481 BTC worth $217 million to Binance at an average price of $62,300. Currently, the whale or institution still holds 7,867 BTC worth $494 million. If the BTC the price rises again, the institution can take advantage of the rising price, just like today. This could lead to even more volatility in the market. In addition, other market participants are also worried about a further drop in price, as they lose their Bitcoin holdings.
Sales to miners and the government also continue
Bitcoin miners have also been selling in the last 72 hours. They have sold more than 2,300 BTC worth around $145 million. This increased selling pressure has also contributed to the recent price decline. These sell-offs are seen as a strategy to limit losses after the fourth halving event, where block rewards dropped from 6.25 BTC to 3,125 BTC. The German government is also selling Bitcoin assets. On Monday, July 1, it moved more than 1,500 BTC. Of those, 400 BTC are worth more than $25 million and were sent to exchanges such as Coinbase, Kraken, and Bitstamp. As we reported on Kriptokoin.com, the German government has sold more than 2,700 BTC in total since June.
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