Bitcoin’s ‘Rich List’ Continues to Snap Up Cheap Coins
6 d ago•2 min read•Bitcoin
Blockchain data shows sustained bargain hunting by large bitcoin holders despite persistent gloom and doom in the market.
The increase by long-term holders signals accumulation during the bear trend, according to blockchain analytics firm Glassnode. The data show whales and long-term holders remain confident of the cryptocurrency's prospects. Nevertheless, the cryptocurrency may see short-term losses if the U.S. consumer price index, scheduled for release at 12:30 UTC on Thursday, exceeds expectations, boosting concerns of an early unwinding of stimulus by the Federal Reserve. "Large upside scare to the [CPI] print will make the downside below $30,000 very vulnerable, and we are most concerned with that now," QCP Capital said in its Telegram channel. The impending death cross, or the bearish crossover of the 50-day and 200-day simple moving averages, is also hinting at the scope for deeper losses. At press time, bitcoin was trading at $36,300, a 3% drop on the day. Prices rose more than 10% on Wednesday, hitting highs above $37,400 even as China announced a ban on virtual-currency mining operations in Qinghai province. El Salvador's decision to adopt bitcoin as legal tender likely buoyed sentiment.