Garbage ICOs wipeout might fuel bitcoin’s next bull run. Whales are on the move with 20k bitcoins shifted from exchanges
Quick wrap up of today’s BTC price action:
- Santa rally appears to have more fuel in its tank.
- Bitcoin price keeps climbing higher, breaking couple of resistance levels.
- BTC is enjoying chunky gains of 6% and is following a steep bullish trend line with support at $3,700 on the 2-hours chart.
- The price is flirting with the $4,000 level and could continue to rise towards the $3,988 resistance area in the near term.
- $4,000 is a strong resistance level and bitcoin will probably bounce of it back to the $3,400 zone.
Whales on the move?
Coinnounce reports about couple of larger chunks of bitcoin being moved from exchange wallet to new, unknown addresses. In the last 14 hours, around 20355 bitcoin was transferred from cryptocurrency exchanges to unknown private wallets of large investors. Here are the details of the transactions:
Transaction 1: 1706 BTC transferred from Binance to an unknown wallet
https://www.blockchain.com/btc/tx/44dcc05eeccc0bfb937c591ad8afd6e6e377981e8249490709f6c6bd8cf37e55
Transaction 2: 1567 BTC transferred from Bitfinex to an unknown wallet
https://www.blockchain.com/btc/tx/bea31fdecb02e5923d0e1b29c78344e269c89c73e68609db353664c35d6cb771
Transaction 3: 1598 BTC transferred from Bitfinex to an unknown wallet
https://www.blockchain.com/btc/tx/240661e9a4fb7f53c21b105109b64c8f89df23624f66395b4e5e795da8469ebc
Transaction 4: 2000 BTC transferred from Binance to an unknown wallet
https://www.blockchain.com/btc/tx/ae3435df440b3febb1bf6539256680a08b4b7168dcee3f9e1f147cd45d45df44
Transaction 5: 2000 BTC transferred from Binance to an unknown wallet
https://www.blockchain.com/btc/tx/c952cff3f4dce3bb583c08c9cea7cdd47bbd98af3c271df49bffcee7753d552d
Transaction 6: 2000 BTC transferred from Binance to an unknown wallet
https://www.blockchain.com/btc/tx/5ce04fe6a0a24d6857b81edd73f3235c5de82aeb20ffe05b53b575614da7ec21
Transaction 7: 1691 BTC transferred from Bitfinex to an unknown wallet
https://www.blockchain.com/btc/tx/0006436ed9486100f33b07224f91792f91e4d32952c38453993057b66413fc44
Transaction 8: 1690 BTC transferred from Bitfinex to an unknown wallet
https://www.blockchain.com/btc/tx/45bf1fe9af294bfdf3aaff67203cf01325e29fc770f6e7262ded603b47e6a809
Transaction 9: 1853 BTC transferred from Bitfinex to an unknown wallet
https://www.blockchain.com/btc/tx/1750a2f9cceff43cc39dd2158a5c3445c2408dc2f627ebca3c6d4b078d5429db
Transaction 10: 1957 BTC transferred from Bitfinex to an unknown wallet
https://www.blockchain.com/btc/tx/1cea3f38de54361b238a4699f4a47472211afa6f528109e02f0fe35d034cdb72
Transaction 11: 2293 BTC transferred from Bitfinex to an unknown wallet
https://www.blockchain.com/btc/tx/2146b9ce8cf96ac4498a7ee6acac755c1254d31cc0b7bcf4a3237d4d43b78b2b
Garbage ICOs wipeout
Over the past six months, hundreds of the ICOs have been forced to close up shop, which CoinFi CEO Timothy Tam said was a necessary shakeout for the market, writes CNBC.
“The garbage, or at least a good portion of it, is starting to get collected,” Tam said. “Ultimately this strengthens the market.”
Still, he underlined that a 10 percent bitcoin spike doesn’t mean crypto prices are in the clear or that it’s “time to breath a sign of relief.”
“If anything, it proves speculation still dominates and most — not all, but most — are not trading in reality,” Tam told CNBC, adding that he saw some institutional-level money flow into the markets over the last 48 hours. Tam said certain investors had been sitting on the sidelines, waiting for the market to find bottom.
“It’s certainly a hell of a lot more cost efficient to buy now,” he said. “The hope is that the market has culled jumpy retail investors and, as regulators move in, we start to see some much needed stability.”
