The realization of the most important event in the Bitcoin network on May 12, 2020 (halving) seems to have triggered silent action against crypto whales, especially those who fool around BTC.
According to Whale Alert during From May 12 to 15, 2020, 34 Bitcoin transactions for more than 80,000 BTC were reportedAn approximate value of USD 731.11 million, usually between wallets with unknown addresses and major exchanges such as Binance, Coinbase, Huobi and OKEx.
Next to Bitcoin is the stablecoin Tether’s USDT was the second most used crypto activity by these actors in the blockchain ecosystem to step up their promotions for both BTC and other major altcoins like Ripples EOS, Tron and XRP.
According to reports from the popular website that monitors large transfers in the blockchain ecosystem, USDT reported $ 400 million of transactions. with a total of 24 transactions.
Perhaps the most attractive thing about Tethers Stablecoin USDT is the fact that it has threatened the stay of Ripple’s XRP token these days the third largest asset by market cap that temporarily exceeds its market capbecause XRP registers low activity and low interest among cryptocurrency traders.
And that’s exactly it Alongside Bitcoin and Ethereum, USDT dominates 90% of the daily trading volume on cryptocurrency exchanges this yearaccording to the numbers of the Messari analysis company.
According to the report, statistics show that this is highlighted an increase of 75% over the same period last yearThe other top 10 cryptocurrencies only used a small portion of the usage that BTC, ETH and USDT received daily, according to the study published two days ago.
The third asset with the highest transaction amount according to Whale Alert was EOSWith more than $ 15.13 million transferred in four transactions for a total of six million tokens, traded between wallets from unknown addresses on May 14th.
The most important old coin on the market as a highlight Ethereum was the subject of significant movements in which 227,849 ETH were transferred for a total of $ 12.75 million of the stolen funds from the Upbit Exchange last November 2019.
Even though Glassnode has recently seen a decrease in the number of addresses with large Ethereum sums “greater than 10,000 ETH”. At a level of just January 2019, Altcoin continues to generate important whale-related news, as its unusual behavior suggests a possible switch from ETH to Bitcoin in the past seven days, as the company said in its analysis
This is consistent with the transactions that Whale Alert has since reported on the Ethereum network All were carried out by the wallets that have the stolen funds from Upbit Exchange.
Bitcoin price breakdown
The movements reported by the whales today Suggest a break below the $ 9,500 mark for Bitcoin’s price that they could temporarily give control of the bears as part of a strategy we’ve seen on other occasions to accumulate more BTC from Bitcoin whales.
The price of the most representative asset of the ecosystem reached a maximum after halving up to $ 9,970 and judging from the reports of whale actions today, with more than a quarter of the total BTC mobilized in the period after May 12th. The leader’s fall is likely to be below $ 9,300 in the coming hours. with a narrow target in the region of $ 7,300 as a strong stop.
However, If the Bitcoin price exceeds the $ 9,450 to $ 9,550 range, the $ 10,550 range is perfectly doable for next weekend, as suggested by cryptocurrency analyst and author of “Altcoin Trader’s Manual” Nik Patel.
9500 – significant area. Close up today and I think this whole step down was a bear trap and we’re going for 10550. https://t.co/EiiK887l4f
– Nik Patel (@cointradernik) May 14, 2020
After transferring $ 47,835 BTC worth $ 417 million right after halving a whale that may have been associated with the Bittrex exchange’s Bitcoin, the asset price brought the profit line back above $ 9,000.
Although the actions of the transactions towards the 16th largest BTC address are not entirely clear, It is fairly obvious that their goal was to bring the price up to the highest levels reported until the early hours of today.
With a loss of wealth of almost two percentage points, that’s no wonder Withdrawals for more than 20,000 BTC this Friday, May 15, 2020, are part of the accumulation and impulse strategy in altcoins to reach the volume required to push Bitcoin’s price above the psychological barrier of $ 10,000.
At the end of this post, the price of Bitcoin is $ 9,437, down -4.67% in the last seven days but a double-digit monthly gain of almost + 40%.