Bitcoin Recovers After Falling to $12,800 – ihodl.com


Bitcoin has started the day with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $13,151.43 (+0.72%), according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ethereum has fallen to $393,85 (-2.88%), while XRP has dropped by 2.16% and is now trading at $0.249.

Yesterday, an unknown “whale” carried out the largest Bitcoin transaction in terms of dollars in the history of the crypto.

The owner of the third largest Bitcoin wallet moved 88,857 BTCs, or about $1.15B. The fee amounted to only 0.00027847 BTCs ($3.5).

The initial wallet was created on August 6 and it soon started to receive transfers, quickly becoming one of the largest Bitcoin holders. The withdrawn coins have not been sent to the address of any known service where they could be sold.

Analysis resource CrystalBlockchain has reported the wallet could be linked to custody service Xapo.

FxPro’s team of analysts say:

“Bitcoin has shown almost no change over the past 24 hours and is currently trading at around $13,100. This is an excellent result for the reference crypto, while the altcoin market is suffering from a great deal of corrections with only some exceptions. Thus, Bitcoin is resisting the correlation with the S&P 500, which is currently posting a 2% drop.

During the last day, bears have tried to test the strength of the new levels reached by BTC, dragging the reference crypto to $12,800 during the night of October 26, however, buyers have come to the rescue of the coin immediately and have pushed it back up to $13,100. It must be noted this rebound has been backed by increasing trading volumes, which currently stand at $30B.

So far, Bitcoin has shown extremely successful dynamic, confidently passing the tests of the pessimists. If the currency manages to survive several more attacks, the number of people wishing to sell the crypto will be significantly reduced. The greed and fear index for Bitcoin and other major cryptos has lost 14 points during the last day to 61, approaching the ‘neutral’ area. This is also great news for the crypto, as a decrease in the indicator suggests there is room for more growth.

The end of the week and the expiration of a large number of Bitcoin options valued at $750M will be another test for BTC. If it is able to overcome these obstacles, it could reach new highs.”

According to CoinMarketCap’s ranking, 4 currencies on the top 10 are in green.

READ  ICO draft guidance helps U.K. firms clarify AI choices - Compliance Week

As for the market cap of all currencies listed in CoinMarketCap, it stays at $394,608,491,464.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.



READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here