BTC Whales Make Moves as the Crypto Market Struggles to Recover

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Bitcoin
BTC Whales Make Moves as the Crypto Market Struggles to Recover

Last week, the crypto market experienced high volatility, a massive price loss, and scams. After a week of these events, the market is starting to recover. The market started to recover on Sunday as investors started to feel more optimistic about the future of cryptocurrencies. Although it wasn’t a full-blown recovery, the mood among investors was still positive.

Dormant Wallets Make Bitcoin Movements

Meanwhile, investors were left with curiosity when a dormant Bitcoin Whale suddenly moved around $30 million worth of the cryptocurrency after almost eight years. On November 20, 2013, the address where the investor sent the funds received 1,000 BTC for $567,600 then.

The Bitcoin was dormant in one wallet until the whale transferred it to a larger block, which sent over 2,100 bitcoins to two different addresses. One of the addresses received around 2,000 bitcoins, while the other received over 99.99 BTC.

The value of 1,000 Bitcoin has grown about 53 times since 2013 when it was only $567 to $30,090,000. Over the past eight years, the whale wallet has received over 20 Bitcoin transactions. It’s believed that these transactions were for dusting attacks.

Another wallet that had been dormant for several years was also discovered, and it managed to transfer 500 Bitcoin on Thursday. The amount of money that the wallet received during this period was relatively small. It’s believed that scammers also used the BTC funds to carry out dust attacks.

Is Bitcoin on the Verge of a Recovery?

Despite last week’s decline, the price of bitcoin managed to recover to around $3,000. According to Marcus Sotiriou, an analyst at GlobalBlock, the recent decline in the cryptocurrency market was caused by fear. He said that although it was difficult to predict what would happen next, the market could still bounce back.

He further said that the US consumer price index was likely to peak even though it was not inching down as quickly as he would like. “Futures funding rates for Bitcoin are currently negative on many exchanges, showing that the majority of traders in the futures market are short at a key support level, which could lead to a short squeeze if they are on the wrong side.”

Despite the positive sentiment surrounding the recent rise in the prices of cryptocurrencies, analysts noted that the market would not sustain its gains for long due to the volatility. According to data analytics firm Glassnode, Bitcoin dropped below $30,000 as concerns about inflation and the Fed’s readiness to provide short-term pain hit markets.

Top Market Movers Over the Week

Despite the more significant bearish trends, some altcoins were able to capitalize on the short-term gains of Bitcoin. The price of Bitcoin went back above the $30,000 mark, and most of the other cryptocurrencies were trading in the green.

For instance, Ethereum was up by 5.61% over the weekend and is now trading at $2,000. Fantom, on the other hand, also had a good week, with its price rising by 19.87%. Meanwhile, XMR and ZEC were among the best performers, with their prices rising by 17% and 21.32%, respectively. These cryptocurrencies have performed well when the larger market is down.

Last week, one of the most popular cryptocurrencies in the market was the DeFi token MKR. At the time of writing, it is trading for $1560.27. It had gained over 48.71% in the last week. MKR had reversed the losses it had made in the first week of May.

Adam Robertson

Adam is outgoing young lad who likes adventures and discovering new things. Despite his boring life, He loves writing about cryptocurrencies and exploring what blockchain technology can do for the coming digital world where all adventures will be virtual.