Ethereum's price drop raises concerns among traders about market stability. A whale sale has contributed to increased volatility in Ethereum's market. Continue Reading: Ethereum Experiences Price Fluctuations as Whales Sell Off The post Ethereum Experiences Price Fluctuations as Whales Sell Off appeared first on COINTURK NEWS .
Ahead of the much-anticipated documentary release on October 8, which promises to reveal the identity of Bitcoin creator Satoshi Nakamoto, a 2009 Bitcoin whale has moved $3.6 million worth of BTC. This movement has generated significant interest, especially as it coincides with the forthcoming documentary, which has ignited curiosity about Nakamoto’s identity. Satoshi Era Bitcoin The post Satoshi Era Bitcoin Whale Moves $3.6M Ahead of Nakamoto Face Reveal appeared first on CoinGape .
A CryptoQuant analyst using the pseudonym “tugbachain” has recently shed light on a key trend within the Bitcoin market. Posting on the CryptoQuant QuickTake platform, the analyst focused on the Market Value to Realized Value (MVRV) ratio, an important metric in the Bitcoin market. According to tugbachain, the MVRV ratio shows a historical downward trend. Should this trend continue or get breached, it may lead to a major impact on Bitcoin. Related Reading: Bitcoin’s NVT Cross Signals a Local Top – Is a Major Correction Looming? MVRV Ratio And Its Impending Impact On Bitcoin The MVRV ratio, as explained by tugbachain, is a tool used to gauge whether a cryptocurrency is overvalued or undervalued. This ratio is calculated by comparing the market value to the realized value of Bitcoin, providing insights into investor behavior and market trends. The analyst highlighted that the MVRV has proven useful in identifying market tops, bottoms, and notable peaks and troughs over the years. The MVRV ratio has historically demonstrated three major Bitcoin halving cycles, each marked by unique price behavior and investor sentiment. The current ratio sits around 1.9, with significant support noted at 1.75. The question raised by tugbachain is whether breaking the downtrend could lead to a rise in the MVRV ratio to the 4-6 range, which has historically signaled a Bitcoin peak. The analyst wrote in the post: Currently, the MVRV ratio shows a historical downtrend with significant support at 1.75. With the ratio now sitting at 1.9, the question arises: if it breaks the downtrend and reverses the downtrend, could it once again climb to the 4-6 range, marking a Bitcoin peak as seen in previous cycles? BTC Market Performance And Technical Outlook Bitcoin has seen heightened price activity in recent weeks in the broader market context. The asset rallied above $66,000 last week, sparking enthusiasm in the crypto community with hopes for a bullish October, playfully termed “Uptober.” However, this upward momentum was short-lived, as BTC experienced a notable price correction soon after. Within the past week alone, Bitcoin has seen a decline of around 7.2%, falling to a trading price of $61,496 at the time of writing. Despite this correction, BTC has rebounded slightly, posting a modest 1.9% gain over the past 24 hours. Aside from tugbachain’s analysis, other crypto market analysts have provided additional perspectives on the MVRV ratio’s implications for BTC. Ali, a prominent analyst on the social media platform X, has pointed out that the MVRV ratio’s behavior since May has notably impacted Bitcoin’s price movements. Related Reading: Here Is Why The Bitcoin Bull Run Hasn’t Started, According To Analyst Ali observed that each rejection of the MVRV ratio from its 90-day average has historically led to a significant correction in Bitcoin’s price. According to Ali, the latest rejection has already resulted in a 10% drop, suggesting the possibility of further downside pressure. Featured image created with DALL-E, Chart From TradingView
The steady decline in the spot demand meant that Hamster Kombat might struggle to defend the $0.0045 support.
Whales Jump into BlockDAG: BlockDAG Presale Nets $2M in a Single Day! Are XRP and SUI Losing Momentum? XRP is close to a big jump that could raise its price by 70%, and SUI just moved past Litecoin in market value. These are strong moves but not as big as
The mystery of Bitcoin’s inventor is reignited as bets on the Polymarket speculate that Len Sassaman might be the elusive Satoshi Nakamoto. HBO’s upcoming documentary promises to reveal the identity
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The flagship cryptocurrency Bitcoin is seeing new whales ‘fiercely’ add BTC to their holdings amid an accumulation trend that the market “has never seen,” as whales that have entered the market during the latest bull run keep looking for profit. According to the CEO of popular cryptocurrency analytics firm CryptoQuant, new whale wallets, which are
TIA’s funding rates have been predominantly negative since early September showing strong bearish sentiment.