The cryptocurrency market has been on a rollercoaster ride in recent weeks, with Bitcoin and Ethereal prices fluctuate wildly. As the market continues to be unpredictable, it is important to stay informed of the latest developments in order to make informed decisions.
Whales have recently moved approximately $743 million worth of cryptocurrency, which could indicate a possible rise or fall in prices. In this article, we will discuss what you need to know about this development and how it could affect Bitcoin and Ethereum prices in the future.
Whales Move $743 Million in Crypto: Here's What You Need to Know
Bitcoin recently hit an all-time high of $23,000 and has been the talk of the cryptocurrency world. Attention is also being paid to three big whales BTC and ETH that are gaining attention in the cryptocurrency trading community. In what can be considered a staggering event, the whales moved a whopping $743 million worth of crypto through 3 combined transactions.
On Friday, a major investor in the cryptocurrency space, known as the Bitcoin whale, transferred 13369 BTC worth $311 million from one unknown wallet to another. A crypto transaction was traced to one of the main 65 bitcoin wallets according to BitInfoCharts. The wallet was used for both sending and receiving funds.
On Saturday, a large sum of Ethereum worth $309 million was moved by an alleged whale from one unknown wallet to another. The amount transferred was 186,009 ETH.
At a later time, Whale Alert detected another large Bitcoin transaction worth $123 million originating from Gate.io and being transferred to an unidentified wallet. The amount sent was 5,278 BTC tokens.
Someone recently transferred funds to a cold wallet to make a purchase, or may have done so as an added security measure. Moving money from an exchange to a cold wallet is often considered more secure than keeping the funds on the exchange.
Bitcoin has been steady over the past 24 hours, dipping slightly 0.5% to hit $23,305. On the other hand, Ethereum has seen a marginal increase of 0.1% to reach 1,664 in the same time frame.
Ray Dalio on Bitcoin: Why it doesn't fit the bill as money, store of value or medium of exchange
Ray Dalio, the founder of Bridgewater Associates, is a well-known investor and recently expressed his opinion on Bitcoin. In his opinion, Bitcoin does not fit as money, a store of value or a medium of exchange.
He believes that it is too volatile and unpredictable to be used as a currency. He also believes that it cannot be used as a store of value due to its lack of intrinsic value and lack of regulatory oversight.
Lastly, he believes that it cannot be used as a medium of exchange because its transaction fees are too high for most people to use for everyday transactions.
Despite this criticism, he believes that Bitcoin could become an asset class in the future and could have some uses in certain contexts.
I think it's been pretty amazing that over 12 years it's been accomplished... But I think it's unrelated to anything... It's a small thing that gets disproportionate attention.
Billionaire investor Ray Dalio recently compared the total market value of Bitcoin to that of Microsoft stock. On Friday, Microsoft was worth $1.92 trillion, while Bitcoin was only a third of that amount.
According to Ray Dalio, biotech and other industries are much more interesting by comparison than investing in cryptocurrencies.
It will not be cash. It is not an effective store of wealth. It is not an effective medium of exchange.
Therefore, his comments are putting downward pressure on the major cryptocurrencies.
bitcoin price
The current Bitcoin the price is $23,365 and the 24-hour trading volume is $15 billion. In the last 24 hours it has risen 0.10%. It ranks first on CoinMarketCap with a live market capitalization of $450 billion.
The current amount of Bitcoin in circulation is 19,281,825 coins out of an eventual maximum supply of 21 million.
Recently, Bitcoin has been in a downtrend with $23,300 being its immediate support area. If it breaks above this level, it could lead to further price losses, eventually settling at $23000, which is marked by an uptrend line and could be seen as a potential support point.
The RSI and MACD indicators have indicated that there may be an increase in selling pressure which could result in BTC price moving down to $22,750 as its next support level.
Currently, the 50-day exponential moving average points to positive momentum above $23,300 for BTC/USD. This suggests that a bounce could be imminent. If the price breaks above the $23,950 mark, it could go as high as around $24,500.
ethereum price
Ethereal's current price is $1,664 and it has a 24-hour trading volume of $5.9 billion. It has also seen a 0.50% increase in its value in the last 24 hours. Ethereum is ranked second on CoinMarketCap with an overall market capitalization of approximately $203 billion.
The ETH/USD pair has not made much progress in recent days and is currently trading within a limited range of $1,650 to $1,685. If it breaks out of this range, there may be potential for the price to go as high as $1,720.
The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) indicators have started to point in opposite directions, indicating a possible trend reversal. One indicator suggests buying, while the other indicates that investors should look to sell.
The 50-day exponential moving average signals a possible uptrend with values โโabove $1,620, indicating growth in coin prices.
Bitcoin and Ethereum Alternatives
CryptoNews Industry Talk recently identified the top 15 cryptocurrencies for 2023. If you want to invest in something more promising, there are many other options you can explore.
On a weekly basis, the number of available cryptocurrencies and new ICOs (Initial Coin Offerings) continues to increase.
Disclaimer: The Industry Talk section presents information from crypto industry players and is not part of the editorial content of Cryptonews.com.
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