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Bitcoin Whale Alert: 13095 BTC worth $52.38 million transferred to Bitfinex

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13095 Bitcoin worth around $52.38 million was transferred to Bitfinex exchange probably to sell at the best rate before the bears start acting again.

In the last 24 hours, the bitcoin price is up by around 3.5% currently trading above $4000 (At the time of writing). The situation is however still bearish for bitcoin and other cryptocurrencies which experienced a massive downfall from over $6000 to the yearly low of around $3200 last month. As per the market analysts, yesterday’s bullish move which pushed the price of bitcoin from around $3850 to above $4000 is probably a dead cat bounce as the trading volumes were very low in comparison to the volumes which pushed the price of bitcoin downwards. Also, the total market capitalization of cryptocurrencies still stands at around $133 billion which is approximately the same as of yesterday morning, so there has not been any significant investment injected into the markets.

As the price of bitcoin is being predicted to go lower this year end which some of the prominent analysts are predicting to reach around $2500 before the year-end also stating that the current bear market will last for at least some months from now, investors are trying to get decrease the amount of losses they have been facing due to the bearish trend. In the last 24 hours, 13095 Bitcoin worth around $52.38 million was transferred to Bitfinex exchange probably to sell at the best rate possible before the bears start to act again.

Here are the details of the transactions:

Transaction 1: 2049 BTC

https://www.blockchain.com/btc/tx/e349877b927d8910ce0dd29899548eb7ed7cd17c4b27596be85c05e51b3d4ab7

 

Transaction 2: 1947 BTC

https://www.blockchain.com/btc/tx/f867de6e8475a18ef6bdaa6cdbd7321d1e0e74d4e1734b8b2d05e6225560e060

 

Transaction 3: 1630 BTC

https://www.blockchain.com/btc/tx/d5df6e2dfd8bc2e635d47a42340a89d70da1df1d5ecc18249e9f599998d6c77d

 

Transaction 4: 1669 BTC

https://www.blockchain.com/btc/tx/51acbfad47b1fef7841098a9e4fe26f57384ab8b1e75607e1c59adfbe17d7f5f

 

Transaction 5: 1669 BTC

https://www.blockchain.com/btc/tx/9076248d0717e964cb4d5dc7fa4d6c9c55be665391cbbdcad7952b5bf8b8287c

 

Transaction 6: 1327 BTC

https://www.blockchain.com/btc/tx/861f00a484310ebcd7bf8563ed0b3eadc2992e2ff9f2ee319e90e1bc220f1c40

 

Transaction 7: 1457 BTC

https://www.blockchain.com/btc/tx/713a8dc1d7b0b4e1497c1cb75cd568d57ccdc6bba6d963b52e6d0f20d599cd68

 

Transaction 8: 1347 BTC

https://www.blockchain.com/btc/tx/ff967d74fe4b6998ff4143e61786b11cdc015de7499ca924dd17afccb7d78c51

 

Disclaimer: The following article is not financial advice. The readers are advised to do thorough research and analysis before making any investment decisions in the cryptocurrency market which is highly volatile.

#Bitcoin

Cryptocurrency Price Analysis: Great Week for the top 10

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The current week has proved to be quite amazing for the cryptocurrency market as all major coins are holding green. The total cryptocurrency market rose by around $1.5 billion yesterday night with the price of bitcoin reaching $4100.

 

Bitcoin:

BTCUSD Price Chart

BTC/USD Weekly Price Chart

Bitcoin broke the $4000 resistance level on 17th March and has been over this range since then. Bitcoin has turned the previous resistance into strong support now and has moved upwards slowly currently trading around $4120 (according to Bitfinex chart) with around 1% increase in the last 24 hours. If bitcoin is able to maintain its position above $4100 range for long, it might soon move ahead towards the major long term resistances such as $4500 and $4600.

 

Altcoins:

ETHUSD Weekly Chart

ETH/USD Weekly Chart

Ethereum also saw a nice bullish momentum this week after reaching the highest point of $143. Currently, Ethereum is trading nicely around $140 and is experiencing a few dips while trying to move upwards.

Unlike other top 10 coins, Ripple market is experiencing volatility from the last week but the momentum is still quite bullish.

LTCUSD Weekly Chart

LTCUSD Weekly Chart

Litecoin has been following trends and is steadily trading around $60 from the start of the week. Litecoin has increased more than 1.67% in the last 24 hours which makes it the best performing crypto of the day (in comparison with the top 10 cryptos according to market capitalization). LTC is currently trading around $61 (according to Bitfinex chart).

 

The overall cryptocurrency market is in a bullish momentum with sings of further gains. After a long bearish trend, cryptocurrency analysts are now believing that the bull market might be coming soon.

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#Bitcoin

Tom Lee: Bitcoin Bull Market Coming Soon

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Tom Lee, the co-founder of Fundstrat Global has predicted that the price of bitcoin will likely experience a bullish run in the next 5 to 6 months.

Tom Lee, the co-founder of Fundstrat Global also known as the bitcoin bull has predicted that the price of bitcoin will likely experience a bullish run in the next 5 to 6 months. Lee predicted this during an interview with the CNBC. According to Lee, the 200 daily moving average is the number to keep in mind. If bitcoin is able to stay above $4000 till August this year, it will cross the 200 daily moving average and thus technically the overall chart would start to look bullish.

During the interview, he also mentioned that the future of bitcoin and other cryptocurrencies lies on the fact of whether it becomes an asset class and bitcoin is still in the early days of becoming one. Although Tom Lee has been quite bullish about the price of bitcoin, Fundstrat had recently posted a warning that the cryptocurrency market might crash to a new bottom before actually starting a bull run.

 

Tom Lee on JP Morgan Coin:

In the interview, Lee also expressed his concerns regarding the recently launched JP Morgan Coin which is a stablecoin launched by the banking giant JP Morgan Chase. He said that things such as the JP Morgan Coin and Facebook Coin create use cases for cryptocurrencies and according to him, the JPM Coin is surely not a competitor to bitcoin as it is a stablecoin in nature.

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Alert: Bitcoin Breaks Record, Highest Hash Rate Since November 2018.

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The hash rate of bitcoin which is the power that secures the bitcoin network has recorded the highest level yesterday (19th March) since last year November.  The Bitcoin hash rate passed over fifty-two quintillion hash per second in accordance with the data feed on Blockchain.com.

 

Bitcoin Hash Rate:

Bitcoin hash rate is the computation of the performance of bitcoin miners. In simpler terms, as the hash rate goes higher, the bitcoin network becomes more secure. It becomes more difficult to attack the bitcoin network as an attacker would need increased resources in order to attack the network. The increasing hash rate also depicts the increase in the number of bitcoin miners. As the BTC mining difficulty level is quite stable now, more and more miners are joining the bitcoin network. Although, the increasing hash rate would eventually result in an increase in the overall difficulty level.

bitcoin hash rate 19th march

Bitcoin hash rate 19th March 2019

 

The bitcoin network security is at its peak since November last year. The highest hash rate ever recorded has been around 62 quintillion hash per second in August last year. Looking at the current chart, it depicts that the hash rate might even cross this level in the coming time.

 

The increased hash rate also builds up confidence in the minds of the miners as it shows the overall security of the bitcoin network and thus predicting a secure future of the investment of the miners. Thus, overall, more and more miners are now joining the bitcoin mining network after a subsequent decrease last year which led to a lot of miners moving out of the mining business. Bitcoin price analysts believe that the hash rate of the network follows the price of bitcoin as it helps them in speculating the future price of BTC.

 

During last year’s bear market, the hash rate also fell drastically which led to a lot of miners shutting down and the mining equipment were being sold at waste prices. Now as the hash rate is rising, miners are again turning on their mining rigs and moving back to business. It is also worth examining that the current hash rate of the network is even more than the recorded hash rate in December 2017 when the price of BTC went up to $20,000.

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