As a seasoned crypto investor with a decade of experience under my belt, I’ve seen enough market cycles to know that every high is followed by a dip, but also that the potential for growth keeps me hooked. The recent surge in Bitcoin’s price and the massive withdrawals by whales have me both excited and cautious.
In recent days, Bitcoin has consistently hit new record highs, and large investors (often referred to as “whales”) have been moving significant quantities of Bitcoin. The total amount of Bitcoin they’ve accumulated now exceeds 3 billion dollars.
Whales grab $3.28 billion amid Bitcoin’s ATHs
Cryptocurrency expert Ali Martinez, through his social media account X, has disclosed data from Glassnode regarding recent purchases of Bitcoin by large investors, known as whales. The graph he presented indicates a significant decrease in the amount of Bitcoin stored on centralized exchanges (exchange platforms) starting from November 5th.
Martinez explained that within the last seven days, a significant amount of Bitcoin, equivalent to 40,000 units and worth an astonishing $3.28 billion, has been taken out by big whale investors.
As an analyst, I’ve observed a significant movement of approximately 40,000 Bitcoins, valued at around $3.28 billion, being taken out of cryptocurrency exchanges over the last seven days.
— Ali (@ali_charts) November 11, 2024
This past week, the leading digital currency, Bitcoin (BTC), broke through the $75,000 barrier and reached a new high of $77,252. Since then, BTC has continued to climb, reaching $82,490 today. Over the weekend, BTC experienced a 6.2% surge, moving from $77,320 up to a fresh all-time high above $82,000. As I’m writing this, Bitcoin is being traded at approximately $82,355.
The surge in Bitcoin prices can be attributed to recent changes in the U.S. administration and the Federal Reserve’s decision to lower interest rates by a quarter of a percent.
CZ issues warning related to Bitcoin ATHs
Following his release from prison, the creator and previous CEO of Binance, Changpeng Zhao (commonly referred to as CZ), issued a cautionary statement. Recognized as a prominent influencer in the cryptocurrency world because of Binance’s remarkable achievement, CZ’s influence continues to grow.
CZ warned the crypto community that they should “control their greed.” There will be many highs and dips for Bitcoin in the future, he tweeted, stressing the necessity to “apply proper risk management.” The influencer also recommended not putting all of one’s eggs in one basket.
FTX sues Binance and CZ
According to Bloomberg’s report, the currently inactive FTX exchange (previously the second largest following Binance) has filed a lawsuit against Binance and its CEO, Changpeng Zhao.
As reported by Bloomberg, FTX is taking legal action against Binance and its ex-CEO Changpeng Zhao (CZ), aiming to retrieve around $1.8 billion allegedly misappropriated funds. The claim states that the CEO of FTX (SBF) illegally transferred these funds in July 2021, with Binance and CZ having received them following a sale.
— Wu Blockchain (@WuBlockchain) November 11, 2024
The legal team representing the current FTX leadership aims to recover approximately $1.8 billion, reportedly sent to Binance by Sam Bankman-Fried, who was once CEO of FTX and is currently imprisoned for 25 years. This money transfer took place in connection with a share buyback agreement from July 2021.
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2024-11-11 18:41