Crptocurrency
Binance Exchange Transfers 40,000 BTC Held in Cold Wallet

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- Binance transferred all 40,000 BTC held in the 38DN2 cold wallet.
- The crypto exchange sent 10,000 BTC to a Binance hot wallet address labeled bc1qm.
- An unlabeled newly created wallet received the remaining 30,000 BTC.
Colin Wu, a well-known Chinese cryptocurrency writer, reported a large Bitcoin transfer via the Binance cold wallet address 38DN2. Binance transferred all 40,000 BTC held in the cold wallet, sending 10,000 BTC to the Binance hot wallet address designated bc1qm, according to Wu’s statement on X (previously Twitter). The remaining 30,000 BTC were transmitted to an unnamed newly-created wallet.
Today, the Binance cold wallet address (38DN2) transferred all 40,000 BTC it held, worth US$1.47 billion, of which 10,000 BTC was transferred to Binance hot wallet address (bc1qm). Another 30,000 BTC were transferred to the new address 3F9CGMu7JSJnMHA8jFM2KgxuH6hhxtvENP.…
— Wu Blockchain (@WuBlockchain) November 9, 2023
Wu connected the provided data to Arkham Intelligence, a platform that systematically analyzes and deanonymizes blockchain transactions, revealing to users the persons and businesses behind blockchain activity. Data discovered on Arkham Intelligence gave more information regarding the reported transaction.
Read Also: Binance Introduces Self-Custody Web3 Wallet
According to Arkham Intelligence data, the real value of the reported movement was 40041.0523339 BTC, or $1.47 billion. Binance paid 0.00025912 BTC in transaction fees, which amounted to $9.50.
The claimed transaction occurred on a day when Bitcoin was experiencing strong bullish momentum. According to CoinmarketCap data, Bitcoin has gained 4.03% in the previous 24 hours at the time of writing. In a textbook rise, the flagship cryptocurrency has moved further away from the $35,000 resistance and traded for $36,734 throughout this report. Today’s Bitcoin rally adds to the flagship cryptocurrency’s momentum after a period of consolidation following a spectacular rally.
Bitcoin retraced after gaining 33% between October 12 and October 24. Several people projected a pullback following the spike, expecting the price of the pioneer cryptocurrency to consolidate. Despite slowing, BTC consolidated in a semi-sideways manner, indicating significant bullish sentiment. In the last 24 hours, the price broke above the important $35,000 resistance, and the bulls appear to be returning as BTC has continued to increase.
Read Also: Binance CEO Blasts Dr Doom’s New Token As ‘Shameless’ Amidst Bitcoin Critic’s U-Turn
Following the move, many users were left wondering what Binance’s objectives were. When whales transfer big quantities to hot wallets, users often expect a sell-off. That has not been the case with Binance’s recent transaction, despite the fact that it is still too early to determine the objectives behind the move.
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Binance Lists ChainGPT (CGPT): Unlocking a New Era for AI-Powered Blockchain Solutions

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$88K Critical for Bitcoin Momentum

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Bitcoin’s price trajectory is at a pivotal juncture, with $88,000 emerging as a key level for sustaining market momentum, according to on-chain analytics firm Glassnode. Using the UTXO Realized Price Distribution (URPD) metric, Glassnode emphasized the significance of the Short-Term Holder (STH) cost basis, noting minimal trading volume below this threshold.
The $88,000 level serves as a critical psychological and technical support, and a decisive loss could pave the way for further downside. This article explores the importance of this metric and what it could mean for Bitcoin’s future price movement.
Understanding Bitcoin’s STH Cost Basis
The Short-Term Holder (STH) cost basis represents the average price at which recently acquired Bitcoin has been purchased. This metric is essential for analyzing:
- Price Momentum: Indicates the health of recent buyer confidence.
- Support Levels: Highlights crucial price points where short-term investors are likely to defend positions.
At $88,000, the STH cost basis underscores its significance as a level where short-term traders might capitulate if breached, potentially triggering a larger sell-off.
The Role of the URPD Metric
Glassnode’s UTXO Realized Price Distribution (URPD) metric maps the distribution of Bitcoin trading volumes across different price levels. Key insights from the current analysis include:
1. Minimal Volume Below $88K
- Glassnode’s data reveals limited trading activity beneath $88,000, suggesting weak historical support in this range.
2. Vulnerability to Downside Pressure
- A breakdown below $88,000 could lead to accelerated selling, as short-term holders exit positions to minimize losses.
Why $88K Is Critical for Bitcoin
1. Psychological Benchmark
- Round numbers like $88,000 hold psychological significance for traders, influencing decision-making and market sentiment.
2. Technical Relevance
- The STH cost basis aligns closely with support and resistance levels derived from historical price action, making it a reliable marker.
3. Momentum Indicator
- Holding above $88,000 would demonstrate resilience, while a breach could signal a shift in momentum toward bearish conditions.
Potential Scenarios Based on $88K Level
1. Holding Above $88K
- Sustaining this level could reaffirm Bitcoin’s bullish momentum, encouraging accumulation by both short-term and long-term holders.
- Positive macroeconomic news or institutional support could bolster price stability.
2. Breaching $88K
- A decisive loss of $88,000 might lead to panic selling, increasing volatility and pushing Bitcoin toward lower support levels.
- Traders may target $85,000 or lower as the next critical support zone.
Market Sentiment and Influences
1. Institutional Activity
- Institutional investors closely monitor key levels like $88,000, adjusting strategies based on market strength or weakness.
2. Broader Economic Factors
- Macroeconomic elements, including interest rate policies and inflation data, continue to impact risk assets like Bitcoin.
3. Short-Term Trader Behavior
- As the primary holders at this cost basis, short-term traders play a pivotal role in determining Bitcoin’s near-term price movements.
How Traders Can Respond
1. Monitor Key Levels
- Keep a close watch on Bitcoin’s behavior around $88,000, as this level is crucial for gauging momentum.
2. Set Stop Losses and Alerts
- Traders should establish clear stop-loss levels to minimize risk in case of a breakdown.
3. Consider Accumulation Opportunities
- If Bitcoin holds above $88,000, it could present a buying opportunity for those confident in a bullish continuation.
FAQs
1. Why is $88,000 significant for Bitcoin?
The $88,000 level represents the Short-Term Holder (STH) cost basis, a critical indicator of price momentum and market confidence.
2. What happens if Bitcoin drops below $88,000?
A loss of this level could trigger selling pressure, as short-term holders exit positions, potentially leading to further downside.
3. What is the URPD metric?
The UTXO Realized Price Distribution (URPD) metric tracks Bitcoin’s trading volume at different price levels, highlighting key areas of support and resistance.
4. How does $88K influence market sentiment?
Maintaining this level reinforces confidence in the market’s bullish momentum, while losing it could shift sentiment toward bearish expectations.
5. What should traders do at this level?
Traders should monitor Bitcoin’s performance around $88,000, set stop-loss levels, and consider accumulation if the level holds.
Conclusion
The $88,000 level is more than just a price point; it’s a pivotal marker for Bitcoin’s momentum and market sentiment. Glassnode’s analysis underscores its significance as the Short-Term Holder cost basis, with the potential to dictate Bitcoin’s next move.
Whether Bitcoin sustains this critical level or breaches it will determine its trajectory in the coming weeks. For traders and investors, staying vigilant and adapting strategies to this key metric will be essential in navigating Bitcoin’s dynamic market.
To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news, where we delve into the most promising ventures and their potential.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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Mantra Partners with UAE Real Estate Giant Damac to Tokenize $1B in Assets

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