It is important to remember that Bitcoin is a risky asset and the gains on your investment are not guaranteed.
Whales are redeeming Bitcoin
As BTC trades below $23,000 and the market stabilizes, a new Bitcoin whale has appeared in the community. She bought $3 billion worth of Bitcoins.
The crypto community has not yet been able to identify this giant hand which made its first purchases on July 15, 2022.
In fact, it only took this whale three days to complete all of its purchases: 15,499 BTC, or $345.9 million, on July 19. Subsequent purchases were larger; on July 20, the whale made another purchase of 45,499 BTC. At the time of acquisition, it was worth $1.06 billion.
Finally, according to data collected by BitInfoCharts on July 21, the whale bolstered its wallet by acquiring 71,879 BTC worth $1.64 billion.
This reflects the enthusiasm of large investors who intend to take advantage of the low prices of Bitcoin currently before its price exceeds $30,000.
Bitcoin pays above $20,000
As we have seen, $20,000 is an important psychological threshold for Bitcoin. Despite Ongoing Concerns About the State of the Global Economy, Bitcoin Price Holds above $20,000hitting highs of over $24,000 over the weekend.
Thursday’s US gross domestic product (GDP) data showed the quarterly growth rate falling 0.9%, surprising those anticipating a 0.5% gain.
These figures were followed by a rebound in the cryptocurrency market. This shows that investors’ concerns are dissipating late, showing room for optimism.