NFTs

Bitcoin, Ethereum Trade Lower As Whales Show Signs Of FOMO

1 Mins read

Santiment reports that wallets containing 1,000 to 10,000 BTC have accumulated $17 billion worth of Bitcoin in 2024.

Crypto markets turned sharply lower on Wednesday, erasing the previous day’s gains as traders looked for a “strong” catalyst following Bitcoin’s halving event.

BTC is down 3%, changing hands around $65,000, with ETH trading at $3,175, data from CoinGecko shows.

BTC Price chart
BTC Price

Michael Van de Poppe, CIO & founder of MN Trading Consultancy, told The Defiant that as Bitcoin consolidates, it paves the way for the altcoins to gain momentum.

“I’m frankly not expecting much movement from Bitcoin, I think that we’ll see a strong altcoin period at the end of Q2 or at the beginning of Q3,” he said, adding that “what Bitcoin needs is a strong catalyst that could push momentum.”

Whales show signs of FOMO

Research firm Santiment noted that wallets holding between 1,000 and 10,000 BTC (valued roughly at $66.7 million to $667 million) show signs of “Fear of Missing Out” (FOMO).

Bitcoin Whales Hold Firm
Bitcoin Whales Hold Firm

“The critical whale segment that holds between 1K and 10K $BTC is a cornerstone behind the current surge, amassing an additional 266K $BTC since the onset of 2024,” Santiment said. The figure represents 1.24% of Bitcoin’s total circulating supply, worth over $17 billion at current prices.

CoinGlass reported a total of $52.46 million in liquidated positions in the last 12 hours, with the largest liquidations coming from Ethereum and Bitcoin. Altcoin HBAR saw liquidations amounting to $7.58 million, attributed to the token’s recent volume surge, surpassing the $1 billion mark. Additionally, PEPE liquidations amounted to $2 million.

The data also shows a large number of sell orders placed between $67,000 and $67,500, suggesting that this is a resistance zone where sellers are ready to exit their positions.

Over the weekend of April 12-13, when Iran launched its missile attack on Israel, CoinGlass data revealed that over $1.4 billion in long positions were liquidated.

Crypto Stocks Rally

Crypto stocks surged on Tuesday, with cryptocurrency exchange Coinbase’s (COIN) rising by 11% and Bitcoin mining companies like Marathon Digital (MARA) and Riot Platforms (RIOT) both experiencing a 5% rise in their stock values.

U.S. stocks rallied for a second session on Tuesday as a solid set of corporate earnings eased worries about higher rates.



Source link

Related posts
NFTs

The Ultimate Guide to Web3 Gaming in 2024

18 Mins read
Imagine an era where gaming transcends the screen, and players wield true ownership over their virtual assets. Welcome to the digital renaissance…
NFTs

The Pixelverse Chronicles: A Journey into the 2D Pixel Metaverse

17 Mins read
Did you ever imagine being fully immersed in a cyberpunk saga, pixel by pixel? The concept of a metaverse may be familiar,…
NFTs

U.S. Securities Regulator Approves Spot Ether ETFs in Landmark Decision

1 Mins read
The SEC has issued an omnibus approval for ETH ETF applicants. Just over four months after Bitcoin ETFs began trading in the…

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *