Bitcoin Rises as Crypto Whales Buy the Dip
Bitcoin, the world’s biggest cryptocurrency, is currently trending positively in the market. Its price is up 1.6% during the intraday trading while Ethereum has gained 2%.
BTCUSD drifted lower on Tuesday and was trying to stage a rebound early Wednesday. The leading crypto asset fell more than 7% during yesterday’s session, dropping about $5,000 to a 10-day low of $64,500 per coin.
Influencer buyers, however, pushed prices above the $66,000 threshold earlier today, trying to buy the dip, which was the biggest single-day decline since early March.
The net flow of Bitcoin into the wallets of these large holders witnessed a remarkable surge.
On April 1, outflows exceeded inflows by 3,530 BTC. However, by April 2, the tide had shifted dramatically, with a net inflow of 32,750 BTC into crypto whale addresses.
It’s been a weak start of the month for Bitcoin with about 10% of its valuation washed out over the past two days. But volatility is bound to pick up as we draw closer to a milestone event. The Bitcoin halving is due to happen in about two weeks’ time.
Every four years or so, the incentive for mining BTC is slashed in half as a way to preserve the token’s unique glamor as the quintessence of scarcity premium. Cadbury Nigeria Loses N19.09bn in 2023
Some could argue that the flagship crypto needed to take a breather after its monster rally to a record high of over $73,000 last month.
Moreover, Bitcoin signed off with a 63% increase for the first quarter when the industry celebrated 11 spot Bitcoin ETFs joining the space. For that time span, the entire crypto market added 50% to its valuation, or roughly $900 billion, skyrocketing from $1.64 trillion to current levels of $2.5 trillion.
