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Whales eating Bitcoin BTC: 15400 BTC taken out from Bitfinex and Poloneix to wallets in last hours

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Blockchain Analysis firm Chainalysis says that Bitcoin whales are not killers, rather they stabilize Bitcoin Markets. Are bitcoin whales really bad?

With the bulls giving a strong bounce with good volumes in the last 3 hours, it seems that the whales have probably come to a conclusion of a bottom as we see a very large amount of Bitcoins being taken off the exchanges like Bitfinex and Phoenix as reported below.

 

15400+ BTC in 8+ Transactions transferred out

In the last 5 hours, we were able to track at least 8 large transactions where BTC was transferred out of these exchanges.

Transaction 1: 1466 BTC out from Bitfinex: https://www.blockchain.com/btc/tx/b44e660dca636321a93aa57af460342d50e2f32054376a041bd3a85f917ff4cb

 

Transaction 2: 1359 BTC out from Bitfinex: https://www.blockchain.com/btc/tx/4812c0d4f4896bd2b1eac45697c3f8bcca400989b22132b3211a3b666e002d0b

 

Transaction 3: 1466 BTC out from Bitfinex: https://www.blockchain.com/btc/tx/2c8de5dbda486b4277532e1c5708423b9c5a8fcc6171f7fef7e9032605c5fb89

 

Transaction 4: 1467 BTC out from Bitfinex: https://www.blockchain.com/btc/tx/29c53c1c41e78cb01a6df276ff845c4558454ae755176dc0599512ca5be89d6f

 

Transaction 5: 1391 BTC out from Bitfinex: https://www.blockchain.com/btc/tx/b532739ce9f5e19b64e0ce47b8eedfabc29fbb55b1f2ed8ff0e59fb1f07d20c7

 

Transaction 6: 1883 BTC out from Bitfinex: https://www.blockchain.com/btc/tx/e943e014af05365cc70f456e696dd0ec0a85dd10578e5f95dbb70ba7efda7e91

 

Transaction 7: 2500 BTC out from Poloniex: https://www.blockchain.com/btc/tx/a2452cdaaeb1bdcd19463295322b7f7b8dd0fc0018e11ded284156cd41a1990f

 

Transaction 8: 2048 BTC out from Bitfinex: https://www.blockchain.com/btc/tx/e856048891ed9572a74db2a0cf749a28ccfd00a256caa7e667ec6ecf5e875640

 

As bulls start taking control of the price action, are we heading towards a rally towards $4500?

#Bitcoin

Donald Trump policies push Mexico to Bitcoin

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Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse.

Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse that remittance payments of Mexican migrants in the United States of America will potentially be the target of new restrictions essentially ending the possibility of Mexican migrant workers to be able to cheaply send money back home to their families.

 

Mexico adopting Bitcoin:

Mexico has been experiencing a massive increase in the number of transactions on localbitcoins. Mexican migrant workers are believed to be exploited by the remittance companies which are charging around 10% fees. What is essentially being discussed here by the Trump Whitehouse is a new tax on these migrant workers. The number that they are currently floating around is a 3% tax on the remittances going from the USA to Mexico. This may not seem super crazy but considering the $33.4 billion which were sent to Mexico in 2018 alone, that extra 3% could mean $1 billion more per year for the United States government.

 

98% of the transactions that were sent during the last year, were sent via electronic means which means that there is actually a very strong remittance route that is ready for mass disruption going from the United States to Mexico and Bitcoin could be the perfect answer. However, the average size of a remittance payment from the United States to Mexico is $322 last year and the problem is that if the fees rise again exponentially on bitcoin, then bitcoin might not be the ideal cryptocurrency for these kinds of smaller remittance payments. Maybe we are going to see some other cryptocurrency being adopted in that situation. But regardless of which cryptocurrency is used, we can see that there is a clear need for disruption as government policies again seeks to impede or overly exploit the free float of money.

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Bitcoin Crashes Downwards: Is BTC Going to Fall Back to $4000?

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Bitcoin fell down to test the $5000 support level. If the current support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels.

Bitcoin fell down to test the $5000 support level which is the most crucial level for BTC currently. The downward correction started after bitcoin tested the $5500 resistance level yesterday at around 18:00 UTC.

 

The resistance around $5500 proved very strong and pushed the price downwards sharply. The sharp declining pattern attracted a lot of sellers which even pushed the price below $5200 support level and BTC tested the $5000 support reaching up to $5018.

BTCUSD Price Chart- Coinbase

BTCUSD Price Chart- Coinbase

Bitcoin is currently trading around $5070 (at the time of publication) showcasing a bearish pattern.

 

Bitcoin Price Drop:

The sudden price drop has led to people speculating that BTC might soon crash back to the $4000 range. Earlier, analysts were also predicting the sudden rise of bitcoin to be a conspiracy. Also, Bloomberg had also called the sudden rise a Blip. If BTC had successfully crossed over the $5500 range, the next major resistance was around $5800, however, BTC fell sharply losing more than $400 in value over the last 24 hours.

 

The bearish move does not clearly indicate a crash towards $4500 and $4000 range, however, if the current major support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels. With the price of bitcoin falling, other major altcoins are also in the red zone today with Ethereum falling more than 8% in the last 24 hours, XRP falling more than 6% and Litecoin falling around 12% in the last 24 hours.

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China to completely ban crypto mining: Bitcoin about to Crash Hard?

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As reported by Bloomberg, China is moving towards putting a complete ban on mining bitcoin and other crypto as it causes serious wasatage of resources.

As reported by Bloomberg, China is moving towards putting a complete ban on mining cryptocurrencies such as bitcoin. In accordance to a document posted by the National Department and Reform Commission of China, the mining of cryptocurrencies should be completely banned as it causes serious wasatage of resources.

 

China is known to be the largest hub of cryptocurrency mining with huge mining rigs been set up in the country. Earlier, China has also banned small investors to invest in security token offerings or STOs and only large investors with more than $1 million funds are allowed to invest in such projects. Now, the country is planning to take strict action against cryptocurrency miners in the country.

 

Cryptocurrency miners were earlier attracted to China due to their cheap electricity rates and subsidies in the country, however, due to the strict actions being taken by the government with the guidelines of the NDRC which has disincentivized cryptocurrency mining, a lot of miners have shut down their operations or moved to other nations.

 

Largest Mining Pools in China:

China has been a hub for some of the largest cryptocurrency mining polls. Even though the mining pools have been shifting to other countries, there has been some effect of the ban on the market for bitcoin and other cryptocurrencies as the mining is a major part of the overall working of cryptocurrencies.

 

How do you think the complete ban on cryptocurrency mining in China will effect the bitcoin price? Tell us in the comments section below.

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