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Bitcoin ‘whales’ jumped back into market during cryptocurrency’s rebound to $50,000 Tuesday but by Wednesday morning things had gotten mighty ugly.
The global cryptocurrency market endured a $125 billion pullback over the past 24 hours and ultimately lost 6.21% of its market capitalization.
Bitcoin (BTC) buyers continued to take profits during Asia hours as short-term overbought signals appeared on the charts, FXStreet noted. The cryptocurrency is trading around initial support at $47,500 at press time and is down about 3% over the past 24 hours.
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Accounts holding roughly $50 million or more worth of bitcoin have steadily increased their buying over the past two months based on information provided by blockchain firm Chainalysis.
"The bitcoin accumulated by recent large investors is related to the medium-term change in bitcoin price,” Philip Gradwell, chief economist at Chainalysis, told CNBC.
Bitcoin “whale” activity has been linked to price action this year. Those larger investors were a “driving force” in the market until late February, Gradwell said. That Bitcoin “whale” activity has been tightly correlated to price action this year.
- Aaron Goldstein, Gambling911.com
