A Treason Of Whales As Bitcoin Consolidates For Three Weeks

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Last Updated on 8 November 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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A flock of seagulls, a colony of bats and a murder of crows. For certain groups of animals there is a name when they are huddled together. The three mentioned here made it into a pop band in the 1980s, pretty much every Dracula tale and (the last one) was the title of a movie with Cuba Gooding Junior.

The cryptosphere could almost add one more name to that this week with the steadying of Bitcoin, apparently controlled by whales.

A treason of whales perhaps as they are controlling the flow of purchasing at this point and disallow Bitcoin to reach for its all time high again. Of course, many analysts agree that if Bitcoin should break through the heavy resistance sitting at $64,000, altcoins should normally suffer in response. Currently the Bitcoin price is trading around $66,000 and altcoins are slightly suffering.

It was Ki Young Ju, CEO of crypto trading platform Cryptoquant, who explained the current state of Bitcoin best, stating:

Bitcoin holds support above $60k in spite of whale dumping.Most $BTC exchange deposits are coming from whales. Top 10 TXs take almost 90% of the total volume in an hour. Exchange reserve is decreasing, leading to less supply on exchanges.

Advertentie.

Coinbase third quarter

Lastly, it could also be assumed that the catalyst for a major move, whether it pushes Bitcoin down or up, could be Coinbase’s third quarter earnings, set to be released on November 9th.

The Brian Armstrong company has seen gains of about 40% in its stock price since last month (while Robinhood is down over the same period), allowing it finally to trade above its IPO price again.

It will be interesting to see how many new customers Coinbase has added and how many Americans are said to be owning crypto at this point.