Bitcoin’s ‘Elon Musk pump’ rally to $48K was exclusively driven by whales

Bitcoin rally on the way: “whales” massively transfer coins to OKEx
CONTENT

  • Bitcoin price increased by 17% per day

  • Retail investors are actively buying Bitcoin, ETH and Cardano

  • Cryptocurrency market prepares to recover from massive collapse

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The price of the main cryptocurrency is gradually recovering, and this can serve as a signal for an early rally. Over the past day, the “whales” have transferred over 4,000 BTC to the OKEX cryptocurrency platform, most likely, preparing for active sales.

On the morning of Tuesday, March 24, Bitcoin has won back almost half of its value since the day of the massive fall to the $ 3800 level. Today the coin is trading at $ 6,766 apiece, and this is clearly not the limit. During the day, the coin has strengthened by 17%.

The rise in the value of the cryptocurrency has motivated the whales to move funds from their cryptocurrency wallets to various trading exchanges. Several transactions were recorded at once on the OKEX cryptocurrency exchange. More than 4,000 BTC were transferred from unknown addresses, which in dollar terms exceeds 27 million.

Bitcoin Rally Coming: Whales ...

Several more transactions over 1000 BTC were made by holders on the Binance and Huobi exchanges. It is likely that investors are preparing for the incipient Bitcoin rally and a sharp rise in its price..

2,000 #BTC (12,491,627 USD) transferred from unknown wallet to #OKEx

Tx: https://t.co/c3AOLBdzcM

– Whale Alert (@whale_alert) March 23, 2020

1,270 #BTC (7,951,584 USD) transferred from #Binance to #OKEx

Tx: https://t.co/89nLGo7uFA

– Whale Alert (@whale_alert) March 23, 2020

 

In addition, Binance, the largest cryptocurrency exchange, issued a Sell forecast instead of an Active Sell forecast for the first time, and for the first time in the last few days, the fear index began to decline. All this signals a possible recovery in the cryptocurrency market and the transition of retail and institutional investors from stock and foreign exchange markets to cryptocurrency ones. In addition, there is an increased activity of retail investors on the market, who began to massively buy cheap bitcoin, ETH and Cardano tokens. BeInCrypto previously reported that digital asset transaction volume in Europe increased 236% in just one week of March.

Bitcoin Rally Coming: Whales ...

Moreover, 75% of all transactions during this period were associated with the purchase of cryptocurrency and only 25% were focused on selling.

It is likely that the value of bitcoin will continue to increase as investor interest in cryptocurrency increases, as well as in anticipation of the approaching halving, which is less than two months away..

Bitcoin Rally Coming: Whales ...

Crypto enthusiasts are confident that by the summer the cost of military-technical cooperation will reach $ 10,000, and maybe even higher.

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