Wednesday, July 24, 2024

Market Watch April 15: Whales suppress Bitcoin price, crypto market in red

Bitcoin whale movement occurring on OTC desks makes it difficult for BTC price to reach new highs. April 15 is another “red day” for the crypto market as Bitcoin dipped 2.82% in the last 24-hours. At the time of writing this article, the popular crypto was trading at $40,142. Ethereum is also down by 2.56% but holds firmly onto the $3,000 mark, as per data from CoinMarketCap.

BinhDang, an analyst at CryptoQuant, highlighted that the rate of Bitcoin transfers involving exchanges to the network-wide transfer recorded on-chain is at its lowest since 2015. This suggests that a massive Bitcoin whale movement is happening on exchanges. A massive Bitcoin whale movement has also been seen outside of exchanges. BinhDang says this is not favorable for BTC. This may be the reason Bitcoin sticks to the $40,000 range. But then lack of coin transfers in exchanges is not easy on the price.

Bitcoin whales, as per recent data from Santiment, have been very much active. More than 4,000 transactions over $10 million occur daily on the Bitcoin network during working days. Traders prefer OTC desks because it offers deeper liquidity for institutional investors who want to invest or cash out huge amounts at a go. Analysts say institutional investors find OTC trading easier to access. Plus, it has more straightforward commission structures for large investors.

Michael van de Poppe, a crypto analyst, says Bitcoin’s current price action is a pretty standard playing field. It has to break the $42,000 barrier first. The $40,000 zone is for longs.

Overall, the crypto market, with its two most popular cryptocurrencies and altcoins, is seeing a decline amid the ongoing macroeconomic uncertainty.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
RELATED ARTICLES

Most Popular