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According to the latest on-chain revelation, the Bitcoin network has been experiencing a steady decline in high-value transactions over the last few weeks. This sluggish activity has been mirrored by the price of the premier cryptocurrency, which has struggled to break out of consolidation throughout the month of April.
In the past week, the Bitcoin price struggled to hold above $67,000 despite touching the level multiple times. The price of BTC has since been in a tumble and is down by more than 2% in the last seven days, according to data from CoinGecko.
Interestingly, the recent on-chain data suggests that this underwhelming price performance might persist for the market leader unless there is a turnaround, especially in terms of network activity.$BTC
In the past week, the Bitcoin price struggled to hold above $67,000 despite touching the level multiple times. The price of BTC has since been in a tumble and is down by more than 2% in the last seven days, according to data from CoinGecko.
Interestingly, the recent on-chain data suggests that this underwhelming price performance might persist for the market leader unless there is a turnaround, especially in terms of network activity.$BTC
Can Whale Activity Push BTC Price Beyond $73,000?
Prominent crypto analyst Ali Martinez took to the X platform to reveal that the Bitcoin whale activity has been declining steadily in the past six weeks. This revelation is based on Santiment’s Whale Transaction Count metric, which tracks the number of BTC transactions worth more than $100,000 and $1 million.
Whales refer to entities or individuals that own substantial amounts of a particular cryptocurrency (Bitcoin, in this case). As such, they hold significant influence over market dynamics due to their capacity to execute large transactions, which can trigger speculation and potential price shifts.
Martinez highlighted in his post that there has been a noticeable decline in Bitcoin whale activity since March 14, the same day the premier cryptocurrency hit a new all-time high price of $73,737. This dip in activity has coincided with the recent underperformance of Bitcoin’s price.
However, the crypto analyst mentioned that an increase in high-value transactions could breathe life into the price of BTC. This is based on the reasoning that a surge in network activity could imply high demand for Bitcoin, leading to elevated prices.
As shown in the chart below, the peak of the whale transaction count correlates with the new record-high price of BTC.
Prominent crypto analyst Ali Martinez took to the X platform to reveal that the Bitcoin whale activity has been declining steadily in the past six weeks. This revelation is based on Santiment’s Whale Transaction Count metric, which tracks the number of BTC transactions worth more than $100,000 and $1 million.
Whales refer to entities or individuals that own substantial amounts of a particular cryptocurrency (Bitcoin, in this case). As such, they hold significant influence over market dynamics due to their capacity to execute large transactions, which can trigger speculation and potential price shifts.
Martinez highlighted in his post that there has been a noticeable decline in Bitcoin whale activity since March 14, the same day the premier cryptocurrency hit a new all-time high price of $73,737. This dip in activity has coincided with the recent underperformance of Bitcoin’s price.
However, the crypto analyst mentioned that an increase in high-value transactions could breathe life into the price of BTC. This is based on the reasoning that a surge in network activity could imply high demand for Bitcoin, leading to elevated prices.
As shown in the chart below, the peak of the whale transaction count correlates with the new record-high price of BTC.
DOJ challenges motion to dismiss Tornado Cash co-founder’s charges
The United States Department of Justice (DOJ) prosecutors opposed a Motion to Dismiss conspiracy and money laundering charges against Tornado Cash co-founder Roman Semenov. They argued that the defense’s filing raised disputed facts for jury consideration, which is unsuited for early-stage motions.
In the DOJ’s response, the prosecutors analyzed why the Tornado Cash co-founder should answer for the alleged crimes levied against him. The DOJ contested the defense’s characterization of Tornado Cash, noting it was introduced in 2019 as a mixer. The service comprises a website, a user interface, a set of smart contracts, and a network of “relayers.”
The DOJ accused Roman Storm and fellow developer Roman Semenov of conspiring to commit money laundering, operating an unlicensed money transmitter, and violating sanctions by creating Tornado Cash, a crypto-mixing service. U.S. authorities claim that entities like North Korea’s Lazarus Group used Tornado Cash to launder funds.
Court filing in the U.S. District Court for the Southern District of New York. Source: CourtListener
In September 2023, Storm pleaded not guilty to all charges and was released on a $2 million bond shortly after his arrest. He is primarily restricted from traveling outside some areas of New York, New Jersey, Washington and California.
The United States Department of Justice (DOJ) prosecutors opposed a Motion to Dismiss conspiracy and money laundering charges against Tornado Cash co-founder Roman Semenov. They argued that the defense’s filing raised disputed facts for jury consideration, which is unsuited for early-stage motions.
In the DOJ’s response, the prosecutors analyzed why the Tornado Cash co-founder should answer for the alleged crimes levied against him. The DOJ contested the defense’s characterization of Tornado Cash, noting it was introduced in 2019 as a mixer. The service comprises a website, a user interface, a set of smart contracts, and a network of “relayers.”
The DOJ accused Roman Storm and fellow developer Roman Semenov of conspiring to commit money laundering, operating an unlicensed money transmitter, and violating sanctions by creating Tornado Cash, a crypto-mixing service. U.S. authorities claim that entities like North Korea’s Lazarus Group used Tornado Cash to launder funds.
Court filing in the U.S. District Court for the Southern District of New York. Source: CourtListener
In September 2023, Storm pleaded not guilty to all charges and was released on a $2 million bond shortly after his arrest. He is primarily restricted from traveling outside some areas of New York, New Jersey, Washington and California.
Crypto Whales: Who are they and how do they move the market?
Crypto whales are individuals or organizations within the cryptocurrency space that hold massive amounts of digital assets, such as Bitcoin (BTC), Ether (ETH), or other major cryptocurrencies. These whales exert considerable power and influence over the market due to the size of their holdings.
Whales often appeared alongside the rise of cryptocurrencies, particularly Bitcoin, in the early 2010s. Many of them acquired substantial amounts of digital assets when prices were relatively low, either through early adoption, strategic investments, mining activities, or trading profits. As the value of cryptocurrencies soared, these holdings turned them into whales within the crypto realm.
What makes someone a crypto whale?
Crypto whales typically form in the market through various means, including:
*Early Adoption: Some whales enter the market during the early stages of cryptocurrencies when prices are low. They may have invested early or been core contributors to successful projects, accumulating significant holdings as the value of cryptocurrencies appreciated over time.
*Strategic Investments: Others become whales by making significant purchases during market dips or strategic moments. They may also back projects through private funding rounds, acquiring substantial holdings in specific tokens.
*Mining: Whales can accumulate digital assets through cryptocurrency mining operations. Mining involves using computer power to validate transactions on a blockchain network, and miners are rewarded with newly created coins or transaction fees. Those who mine at a large scale can amass substantial holdings over time.
*Trading Profits: Some whales generate profits through active trading in the crypto market. By consistently making successful trades, they can accumulate significant amounts of cryptocurrency, thus becoming whales.
Crypto whales are individuals or organizations within the cryptocurrency space that hold massive amounts of digital assets, such as Bitcoin (BTC), Ether (ETH), or other major cryptocurrencies. These whales exert considerable power and influence over the market due to the size of their holdings.
Whales often appeared alongside the rise of cryptocurrencies, particularly Bitcoin, in the early 2010s. Many of them acquired substantial amounts of digital assets when prices were relatively low, either through early adoption, strategic investments, mining activities, or trading profits. As the value of cryptocurrencies soared, these holdings turned them into whales within the crypto realm.
What makes someone a crypto whale?
Crypto whales typically form in the market through various means, including:
*Early Adoption: Some whales enter the market during the early stages of cryptocurrencies when prices are low. They may have invested early or been core contributors to successful projects, accumulating significant holdings as the value of cryptocurrencies appreciated over time.
*Strategic Investments: Others become whales by making significant purchases during market dips or strategic moments. They may also back projects through private funding rounds, acquiring substantial holdings in specific tokens.
*Mining: Whales can accumulate digital assets through cryptocurrency mining operations. Mining involves using computer power to validate transactions on a blockchain network, and miners are rewarded with newly created coins or transaction fees. Those who mine at a large scale can amass substantial holdings over time.
*Trading Profits: Some whales generate profits through active trading in the crypto market. By consistently making successful trades, they can accumulate significant amounts of cryptocurrency, thus becoming whales.
Bitcoin ETF Record Biggest Weekly Outflows Of $328M, What’s Next?
The 10 Spot Bitcoin ETFs witnessed a gigantic net outflow of $328 million this week and speculations around a downtrend in the ETF frenzy have surfaced.
STORY HIGHLIGHTS
*Spot Bitcoin ETFs registered the highest weekly outflow of $328 million this week.
*On Thursday, these ETFs recorded over $200 million in outflows.
*The weak outflows came ahead of a crash in the BTC price.
Throughout the week ending on April 26, 2024, Bitcoin Spot ETFs in the U.S. experienced notable fluctuations in net flows. Moreover, these ETFs registered a massive weekly net outflow of $328 million as they lost steam. Furthermore, this surge in outflows preceded a crash in the Bitcoin price, potentially catalyzing the dip.
The 10 Spot Bitcoin ETFs witnessed a gigantic net outflow of $328 million this week and speculations around a downtrend in the ETF frenzy have surfaced.
STORY HIGHLIGHTS
*Spot Bitcoin ETFs registered the highest weekly outflow of $328 million this week.
*On Thursday, these ETFs recorded over $200 million in outflows.
*The weak outflows came ahead of a crash in the BTC price.
Throughout the week ending on April 26, 2024, Bitcoin Spot ETFs in the U.S. experienced notable fluctuations in net flows. Moreover, these ETFs registered a massive weekly net outflow of $328 million as they lost steam. Furthermore, this surge in outflows preceded a crash in the Bitcoin price, potentially catalyzing the dip.
Don't short #BTC you'll lose all your money
$BTC will climb rapidly to 100K. 🚀🚀
The demand is increasing, and the upward momentum will accelerate. The fate of the bears who said #Bitcoin will be 30K and insulted me is as shown in the photo.
The amount of of holders are more than the traders and you shorting it will get you liquidated
Don't #ShortBitcoin.#BTC
$BTC will climb rapidly to 100K. 🚀🚀
The demand is increasing, and the upward momentum will accelerate. The fate of the bears who said #Bitcoin will be 30K and insulted me is as shown in the photo.
The amount of of holders are more than the traders and you shorting it will get you liquidated
Don't #ShortBitcoin.#BTC
For people who has been asking what type of ALT coin can they invest on at the moment because BTC is already up
I will list you 10 coin that are still down that you can buy at the moment
#SAND #CAKE #VET #1INCH #IOTA #GALA #FIL #CELO #LTC #WIN
This coin can give x10 to x50 of your investment if you can hold for at list 4 to 6 months
You mustn’t brake bank before you invest on them you can buy just 3 coin from it with just $10 each
Use your spare money that you won’t need in the next two to three months so that you will be able to to hold for a little while
This is base on my own research and opinion 🧐
🚨Note: not a financial advice… do your research
I will list you 10 coin that are still down that you can buy at the moment
#SAND #CAKE #VET #1INCH #IOTA #GALA #FIL #CELO #LTC #WIN
This coin can give x10 to x50 of your investment if you can hold for at list 4 to 6 months
You mustn’t brake bank before you invest on them you can buy just 3 coin from it with just $10 each
Use your spare money that you won’t need in the next two to three months so that you will be able to to hold for a little while
This is base on my own research and opinion 🧐
🚨Note: not a financial advice… do your research
⭐️HERE'S A SIMPLE EXPLANATION OF BITCOIN ETFS:
✅BITCOIN: BITCOIN IS A DIGITAL CURRENCY, OFTEN REFERRED TO AS A CRYPTOCURRENCY, THAT OPERATES ON A DECENTRALIZED NETWORK CALLED A BLOCKCHAIN. IT WAS CREATED IN 2009 BY AN ANONYMOUS PERSON OR GROUP OF PEOPLE USING THE PSEUDONYM SATOSHI NAKAMOTO. BITCOIN CAN BE USED FOR ONLINE TRANSACTIONS AND IS OFTEN SEEN AS A STORE OF VALUE SIMILAR TO GOLD.
✅ETF: AN ETF, OR EXCHANGE-TRADED FUND, IS A TYPE OF INVESTMENT FUND THAT IS TRADED ON STOCK EXCHANGES, SIMILAR TO INDIVIDUAL STOCKS. IT CAN HOLD ASSETS SUCH AS STOCKS, BONDS, OR COMMODITIES AND AIMS TO TRACK THE PERFORMANCE OF A SPECIFIC INDEX. ETFS ARE POPULAR BECAUSE THEY OFFER DIVERSIFICATION AND ARE GENERALLY MORE LIQUID THAN TRADITIONAL MUTUAL FUNDS.
✅BITCOIN ETF: A BITCOIN ETF IS A TYPE OF EXCHANGE-TRADED FUND THAT TRACKS THE PRICE OF BITCOIN. INSTEAD OF PURCHASING AND HOLDING BITCOIN DIRECTLY, INVESTORS CAN BUY SHARES OF A BITCOIN ETF, WHICH REPRESENTS OWNERSHIP IN THE FUND'S UNDERLYING BITCOIN HOLDINGS. THIS ALLOWS INVESTORS TO GAIN EXPOSURE TO BITCOIN'S PRICE MOVEMENTS THROUGH THEIR BROKERAGE ACCOUNTS WITHOUT NEEDING TO DIRECTLY BUY AND STORE THE CRYPTOCURRENCY.
⭐️IN SUMMARY, A BITCOIN ETF PROVIDES A WAY FOR INVESTORS TO GAIN EXPOSURE TO THE PRICE OF BITCOIN THROUGH TRADITIONAL BROKERAGE ACCOUNTS AND INVESTMENT PLATFORMS, WHILE BENEFITING FROM THE FEATURES OF AN EXCHANGE-TRADED FUND.
✅BITCOIN: BITCOIN IS A DIGITAL CURRENCY, OFTEN REFERRED TO AS A CRYPTOCURRENCY, THAT OPERATES ON A DECENTRALIZED NETWORK CALLED A BLOCKCHAIN. IT WAS CREATED IN 2009 BY AN ANONYMOUS PERSON OR GROUP OF PEOPLE USING THE PSEUDONYM SATOSHI NAKAMOTO. BITCOIN CAN BE USED FOR ONLINE TRANSACTIONS AND IS OFTEN SEEN AS A STORE OF VALUE SIMILAR TO GOLD.
✅ETF: AN ETF, OR EXCHANGE-TRADED FUND, IS A TYPE OF INVESTMENT FUND THAT IS TRADED ON STOCK EXCHANGES, SIMILAR TO INDIVIDUAL STOCKS. IT CAN HOLD ASSETS SUCH AS STOCKS, BONDS, OR COMMODITIES AND AIMS TO TRACK THE PERFORMANCE OF A SPECIFIC INDEX. ETFS ARE POPULAR BECAUSE THEY OFFER DIVERSIFICATION AND ARE GENERALLY MORE LIQUID THAN TRADITIONAL MUTUAL FUNDS.
✅BITCOIN ETF: A BITCOIN ETF IS A TYPE OF EXCHANGE-TRADED FUND THAT TRACKS THE PRICE OF BITCOIN. INSTEAD OF PURCHASING AND HOLDING BITCOIN DIRECTLY, INVESTORS CAN BUY SHARES OF A BITCOIN ETF, WHICH REPRESENTS OWNERSHIP IN THE FUND'S UNDERLYING BITCOIN HOLDINGS. THIS ALLOWS INVESTORS TO GAIN EXPOSURE TO BITCOIN'S PRICE MOVEMENTS THROUGH THEIR BROKERAGE ACCOUNTS WITHOUT NEEDING TO DIRECTLY BUY AND STORE THE CRYPTOCURRENCY.
⭐️IN SUMMARY, A BITCOIN ETF PROVIDES A WAY FOR INVESTORS TO GAIN EXPOSURE TO THE PRICE OF BITCOIN THROUGH TRADITIONAL BROKERAGE ACCOUNTS AND INVESTMENT PLATFORMS, WHILE BENEFITING FROM THE FEATURES OF AN EXCHANGE-TRADED FUND.
LIVEFaruk Abubakar
--
Bajista
Recently, the Nigerian government legalized cryptocurrency in Nigeria,
allowing us to buy crypto directly from our banks.
However, please note that the black market and bank prices often differ.
This could impact USDT, potentially causing it to fall below 1,000 Naira in the long run.
If you're holding USDT, it's advisable to reconsider your position.
Ignoring this update may pose risks. Good luck.
allowing us to buy crypto directly from our banks.
However, please note that the black market and bank prices often differ.
This could impact USDT, potentially causing it to fall below 1,000 Naira in the long run.
If you're holding USDT, it's advisable to reconsider your position.
Ignoring this update may pose risks. Good luck.
Congratulations Nigeria, now that the ban on Crypto like Bitcoin & other digital assets has been lifted by the Central Bank of Nigeria (CBN) and all the citizens can buy cryptocurrencies like #SOL #BNB #ETH #USDT and more with Naira debit/credit card, and can also make payments with it
This is one of the big news to crypto community
🚀 $BTC #NGN
This is one of the big news to crypto community
🚀 $BTC #NGN
