Currently Bitcoin sits at a price of 8.766,99 USD. This represents a drop of 0.25% in a span of 24 hours. However, if we see a weekly chart of its fluctuations, you will notice that in a few days has lost 1.196,52 USD in its valuation. All of this makes us question ourselves about what happened this fall as sudden, and to discover him we will analyze the actions of the whales crypto. Graphic weekly price of Bitcoin. Whales in crypto do not seem to be the main cause of this fall
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Last 24 hours of the Whales Crypto
Following the notifications of Whale Alert, we will notice that in what goes of the day have recorded seven transactions with Bitcoin. Of these transactions, five involved movement from exchanges to wallets unknown, denoting a tendency to the accumulation by the whales crypto. The total of these five transactions of accumulation is 5659 BTC. In addition, the exchange platform preferred by the whales crypto was Binance. It should be noted that the largest of these movements was for 2000 BTC. With this we may deduce that there are those who are playing long-term and medium-term, and bet to the influence it can have on the halving of Bitcoin in a few months. On the other hand, the two remaining transactions are on the reverse of the above, that is to say, it took BTC to exchanges. The total of the same sum of 1500 BTC.
Analysis of the influence
In order to understand this decline more is needed than to see the activity of the whales, as you clearly seem to have other, more determinant factors. To do this we take into account the opinion of Scott Melker, who is an analyst and crypto trader known. In an interview with CoinDesk today, on the podcast “The Breakdown,”let’s see some factors that would explain this fall, beyond the whales crypto.
In the words of Melker…
Melker highlighted some lessons that we can draw on the market crypto in a week is as particular as this. For him there is something particularly striking in this fall, and does not consider that there is something strange on the movement of Bitcoin and any criptomoneda associated with it. According to the analyst there was a great movement upwards, and there is simply a movement proportional down. This, according to your opinion even enters the range of normal in terms of withdrawal. In addition, this started at a resistance level that is quite predictable and said that a week is not enough time to do a concrete analysis of trends in macro. If you want to see in the short term, Melker explains that there was not even much of the volume of purchase of Bitcoin during the week. Also, Bitcoin fell like many other markets, which belies the argument that in times of uncertainty, they were all rushing to buy BTC. For this expert, it would be surprising that people opt for an asset that is risky, in times in which you are considered to be more secure are falling. After this, he made it clear that this does not mean that Bitcoin has ceased to be an asset not related to the global markets. What he defends is simply the correction in the price of criptoactivo was somewhat predictable. His opinion is that the fact that the downfall of the global markets occurred simultaneously with the fall of BTC hurts the argument of the “safe haven of Bitcoin”, but does not eliminate the lack of correlation between the two markets. According to Melker simply coincided with the fall of global markets with the correction of the price of Bitcoin, then a climb precipitous.
Other additional comments
His advice is that everyone should have at least 1% of their money in Bitcoin, put it away and hope that I never need to use it, but not because it is the currency of the future. This says simply because in a hypothetical case of a hyperinflation of fiat currency is concerned, Bitcoin is not correlated with the global market could behave in a different way. Here he mentioned that a case like that of Venezuela obviously Bitcoin is more valuable. “People must differentiate between value and price. For some people in certain situations, even though the price of Bitcoin is falling, will continue to be an asset rather valuable; being Venezuela a great example,” said Melker. Finally, we can say that the conclusion is most valid is that of the whales crypto and the downfall of the global markets seems to have no causal relationship with the fall of Bitcoin. But, not on a scale from week to week, but in a much more long-term in a context of events of “black swans”. The following two tabs change content below. A degree in Liberal Studies from the Metropolitan University. Lover of innovation and a believer of the technology for the future.