Bittime - Bitcoin whales just made a massive withdrawal this week. According to crypto analyst Ali Martinez, more than 21,400 BTC were withdrawn from cryptocurrency exchanges during the period. It is suspected that this withdrawal was carried out to take advantage of the recent increase in Bitcoin prices.
The impact of this whale activity was clearly visible on Thursday, March 14. Data from Into The Block shows $752 million worth of Bitcoin withdrawals occurred that day, becoming the largest daily withdrawal since May 2023.
Possible Impact of Withdrawal
Large withdrawals by whales can affect the price of Bitcoin in several ways. First, these withdrawals reduce the amount of Bitcoin available on exchanges, potentially driving the price up.
In addition, this withdrawal could trigger a sell-off from other investors who are worried that whales are offloading their holdings.
In addition, the consequences of this mass withdrawal were immediately felt when the price of Bitcoin experienced a significant decline on Friday, March 15. BTC plunged more than 7% and a bearish trend spread across the crypto market. Additionally, a hot PPI report on Thursday accelerated the decline.
Furthermore, according to Coinglass data, there is only $1.81 million worth of Bitcoin available on exchanges currently. This emphasizes the importance of Bitcoin supply shocks. However, there is good news that the network has witnessed the emergence of 13 new whales holding more than 1,000 BTC. On the other hand, Bitcoin price decline continues today.
Check Today's Crypto Market:
| BTC/IDR | SOL/IDR |
| ETH/IDR | USDT/IDR |
| DOGE/IDR | ARB/IDR |
Current Bitcoin Price
As of March 18, 2024, Bitcoin price is experiencing some volatility. There are some differences between the various exchanges, but the price is around $67,500 USD
Source: Bittime
Based on the Bittime market today, March 18 2024, the price of BTC was observed to have increased by 1.74 percent in the last 24 hours. Currently the price of BTC to IDR is IDR 1,064,797,127.
Also Read How to Buy Crypto:
It's Not Clear Whether This Is a Long-Term Trend
Coinglass data reveals that Bitcoin liquidations worth $145.34 million were recorded in the last 24 hours. Of this amount, $125.81 million worth of liquidations were long positions, which could have influenced Bitcoin's recent price decline. Meanwhile, short traders do not initiate large-scale liquidations and profit from the bearish trend.
It is not yet known whether this massive withdrawal is a long-term trend or just a momentary activity. However, crypto market players should pay close attention to this action to understand Bitcoin sentiment and price movements in the future.
Check Crypto Prices Today:
How to Buy Bitcoin (BTC) on Bittime
You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR . To be able to buy BTC IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Bitcoin (BTC) on Bittime .
Monitor price chart movements of Bitcoin (BTC ) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Cardano Ready to Soar? Whales Start 'Buying' ADA!
The Mystery of Mr. 100, The Bitcoin Whale with Total Assets of $3.2 Billion
How to Trade Bitcoin when the Price Drops
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates
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