Connect with us

Crptocurrency

Mysterious Wallet Transfers 18 Million MATIC To Coinbase

Published

on

[ad_1]

In a crypto twist that sent shockwaves through the digital environment, a mysterious wallet emerged from the shadows and masterminded a massive transfer of 17,895,970 MATIC—which equates to a stunning $14.7 million—directly into Coinbase.

Because of the huge increase in transaction volume, the MATIC price has risen beyond $0.80 for the first time since July. MATIC’s market capitalization has climbed by 62% in the last four weeks as a result of increasing turnover and acquisition by whales.

MATIC Mysterious Financial Maneuver Unveiled

The cryptocurrency world observed Polygon’s MATIC token begin a bullish ride during this perplexing financial maneuver. As MATIC surged above the $0.75 resistance level, it was met with a powerful hurdle at the $0.89 support.

MATIC was trading at $0.88 at the time of writing, up 8.5% in the last 24 hours and 27% in the last seven days, according to Coinstats.

MATIC Price Chart | Source: Coinstats

 

The current gain in value coincides with a rejuvenated cryptocurrency industry, fueled by a growing sense of confidence in Bitcoin.

However, the price increase in MATIC cannot be attributable solely to market sentiment. Empirical evidence suggests that the accumulation of large investors and important collaborations was critical in propelling MATIC’s breakout.

Read Also: MATIC Propels Over $0.75, Is $1 Possible?

“Institutional and whale demand has picked up strongly, with Bitcoin seeing an 80% increase in the volume of transactions of over $100k, Ethereum 170%, and Polygon over 3,800% compared to 30 days ago. pic.twitter.com/ElM1CDZ3wA”    — IntoTheBlock (@intotheblock) November 11, 2023

According to IntoTheBlock, an on-chain analytics firm, institutional and whale demand for cryptocurrencies has surged dramatically. According to Polygon, an Ethereum scaling solution, the number of transactions involving more than $100,000 has surged by 3,800% in the last 30 days.

According to statistics given by the analytics platform Santiment, large-scale investors, often known as whales, with holdings ranging from 100,000 to 10 million MATIC tokens, amassed an additional 42 million tokens during the latter part of October.

Strong Buying Activity

In a 24-hour period, a total of 161 MATIC transactions were completed, each worth more than $100,000. This large buying activity demonstrates important stakeholders’ strong desire to accumulate MATIC shares. The accumulation of assets has had a direct impact on the upward price movement.

Increased Whale Appetite

Meanwhile, Coinbase has received over 55 million Polygon [MATIC] tokens, according to three different posts made by Whale Alert on X (previously Twitter).

The transfers were coming from unidentified addresses, according to the whale tracking handle.

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.



[ad_2]

Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Crptocurrency

Binance Lists ChainGPT (CGPT): Unlocking a New Era for AI-Powered Blockchain Solutions

Published

on

By

[ad_1]








Binance Lists ChainGPT (CGPT): Unlocking a New Era for AI-Powered Blockchain Solutions – BitcoinWorld
































[ad_2]

Source link

Continue Reading

Crptocurrency

$88K Critical for Bitcoin Momentum

Published

on

By

[ad_1]

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.

[ad_2]

Source link

Continue Reading

Crptocurrency

Mantra Partners with UAE Real Estate Giant Damac to Tokenize $1B in Assets

Published

on

By

[ad_1]









Mantra Partners with UAE Real Estate Giant Damac to Tokenize $1B in Assets – BitcoinWorld
































[ad_2]

Source link

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.