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Home > News
Published: 19/03/2024
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Author: Leexim
Whale Bitcoin Accumulation Frenzy Signals Imminent Price Recovery
Despite Bitcoin being in a period of correction, large whale wallets continue to accumulate steadily, indicating strong bullish sentiment.
Azcnews (1)
Table of Contents
Bitcoin withdrawals are becoming very noticeable. Bitcoin prices climbed to a new record surpassing $73,700 last week, but have since dropped 12%. Amid these fluctuations, a notable trend has emerged: large investors are starting to withdraw Bitcoin from exchanges at an unprecedented rate.
Whale movements
According to experts and blockchain data, this action is not just a normal reaction to price fluctuations but also a deliberate strategy by large investors to prepare for the next price increase. The creation of 13 new whales, each holding over 1,000 BTC, is a testament to their increased confidence in the long-term value of Bitcoin.
Transaction data combined with on-chain analytics provides a clear view of Bitcoin’s current market dynamics. As prices hit new highs, profit-taking activities appear to have taken place.
However, it’s worth noting that while the price has dropped, the amount of BTC on exchanges has dropped significantly since mid-January, with a significant drop of 21,401 BTC in the last week alone. This trend is highlighted, especially as the withdrawal of $750 million worth of Bitcoin on March 15 marked the largest outflow day of the year since May 2023.
Implications for Bitcoin’s market sentiment
The implications for Bitcoin’s market sentiment are very important. The large number of Bitcoins withdrawn from the market and the appearance of new whales in the Bitcoin ecosystem reflect the deep optimism of investors about the future prospects of this currency. Although the market is going through a period of correction, with Bitcoin price falling to around $68,201, the sentiment of major investors appears to be unaffected.
Bitcoin Sentiment
Bitcoin Sentiment
The current phase is seen as a bullish move for the next recovery, not a sign of weakness. The strategic actions of major investors, including the withdrawal of large amounts of Bitcoin from exchanges, show that they are preparing for a further uptrend, contrary to previous negative sentiment from December 2023.
What’s next for Bitcoin?
Often, the actions of Bitcoin whales are predictive of the cryptocurrency’s future direction. With recent accumulation and withdrawal activities, it is possible that the market is waiting for a new price increase. Bitcoin’s recovery and major investor positioning strategies underscore the cryptocurrency’s long-term appeal and widespread belief in its ability to grow in value. With the market experiencing volatile fluctuations, the rise in price of Bitcoin whales could be a signal for the next bullish phase.
Related: Short-Term Bitcoin Investors Have Reaped Profits
Conclude
Significant Bitcoin withdrawals by whales amid price volatility have highlighted a broader trend of accumulation by large investors. This demonstrates strong belief in Bitcoin’s ability to increase in price.
As the market absorbs recent events and prepares for the future, the actions of these whales provide valuable insight into underlying confidence in Bitcoin’s long-term direction. With the emergence of new whales and large amounts of Bitcoin moving out of exchanges, this period appears to mark an interesting development in the market dynamics of cryptocurrencies.
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Home > News
Published: 19/03/2024
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Author: Kane
Investor Loses $147,000 Playing Memecoins on Solana
An investor fell prey to FOMO and invested in memecoins on the Solana network, resulting in a loss of approximately $147,000 USD in just three days.
Azcnews Breaking
According to Lookonchain, a memecoin trader lost about 5400 SOL (approximately $147,000 USD) over a three-day period. Another trader invested in 11 different meme tokens but never had enough patience to earn a profit.
Analysis indicates that this trader often succumbed to FOMO, buying tokens at high prices and then selling them when prices dropped. Overall, the anonymous trader invested 3,160 SOL (about $628,840) but ended up with only 2,406 SOL (approximately $478,794).
This FOMO behavior may have been triggered by the recent Solana ecosystem welcoming a memecoin created just three days ago, which was listed on Binance with a market cap exceeding $1 billion. Additionally, there are other prominent memecoins on Solana like BONK and WIF.
Investing in memecoins has become one of the easiest ways for traders to turn a few thousand dollars into millions. However, Lookonchain proves that not everyone succeeds in this endeavor.
High volatility demands patience from investors over a relatively long period for their investments to yield profits. For example, one of the memecoins in this trader’s portfolio, IQ50, was recently airdropped to NFT holders. According to data from Gate.io, the airdrop token also experienced significant growth. Nevertheless, the memecoin trader lost 109.55 SOL ($21,800) in this transaction due to lack of patience.
Related: Binance Announces Listing of Book of Meme (BOME)
Chart BOME – Solana’s Memecoin after being listed on Binance
Chart Memecoins Bome
Chart Memecoin Bome
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#memecoin
#Solana
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News | Bitcoin | Editor Choice 19/03/2024
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Home > News
Published: 19/03/2024
-
Author: Leexim
Binance Enhances Customer Screening in the United States
According to Bloomberg, Binance has urged leading brokers to enhance customer screening to ensure they do not serve customers in the United States.
Azcnews (2)
Global cryptocurrency exchange Binance has asked leading brokers such as FalconX and Hidden Road to improve their customer vetting processes to prevent Americans from trading on the platform.
According to the report, since brokers primarily serve institutional investors, information needed from customers includes the geographical location of their offices, founders, and employees. They also require customers to provide authentic information to ensure accuracy.
Binance’s situation after CZ pleaded guilty
The report said that since Binance was accused in November, the cryptocurrency exchange has asked top brokers to increase information about their customers.
Binance after pleading guilty and admitting to violating the Bank Secrecy Act last year. The United States Department of Justice announced a settlement with Binance over charges related to money laundering, fraud, and sanctions violations, resulting in the exchange paying a $4.3 billion fine.
Changpeng Zhao
Changpeng Zhao
Changpeng Zhao turned Binance, the company he founded and runs as CEO, into the world’s largest cryptocurrency exchange by targeting the US market, but declined comply with the laws of the United States,” Acting Assistant Attorney General Nicole M. Argentieri of the DOJ’s criminal division said in a statement last November.
Binance’s US branch faced a lawsuit from the Securities and Exchange Commission last June, along with Binance and Zhao, claiming it had to cut its staff by more than two-thirds after revenue fell 75% following enforcement measures.
Related: Former Binance CEO CZ Announces Upcoming Plans
However, the global exchange appears to have grown stronger since Zhao’s guilty plea and subsequent resignation, as the total value of assets under management has increased from $67 billion to $112.5 billion. USD since November, according to data from DefiLlama. This may be because the value of bitcoin has seen record increases over the past few months.
Binance remains the world’s largest cryptocurrency exchange in terms of trading volume, according to data from CoinMarketCap.
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19/03/2024 at 4:25 am
Z Coin 🪙 it’s amazing Coin
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News | Bitcoin | Editor Choice 19/03/2024
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Azcnews Breaking
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Azcnews (1)
News | Bitcoin | Editor Choice 19/03/2024
Whale Bitcoin Accumulation Frenzy Signals Imminent Price Recovery
Despite Bitcoin being in a period of correction, large whale wallets continue to accumulate steadily, indicating strong bullish sentiment.
Top views
1
BingX Launches P2P Merchant Recruitment Program, Earn up to 215 USDT
2
Receive BTC Airdrop on BingX
3
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9
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