BITCOIN IS READY TO PUMP TO $14,000! But Dump To $9,000 FIRST?
Bitcoin Attacked $ 14,000 Again.
A possible reason for this growth was a Bitcoin whale transaction worth almost $ 1 billion..
Stock markets were also trading in the green.
International consortium of news organizations developing transparency standards.
On the crypto market, the bulls again activated, sending BTC to the highest level since October 31. The reason for this could be the activity of the bitcoin whale.
In the first hours of today’s trading, Bitcoin began to sharply build up its bullish momentum and again attacked the round psychological mark of $ 14,000, which the market last visited on October 31st. Despite a pullback back below this level, the BTC rate remains at the time of writing in the green intraday zone.
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Some market players, including Castle Island Ventures partner Nick Carter, believe that the catalyst for such a leap could be the general uncertainty in the markets caused by the US presidential elections. As some point out, the rise to power of the Democrats could mean an increase in the volume of stimulus to the economy, which potentially plays into the hands of bitcoin..
The whales moved
However, there is also a more specific version. It is possible that the price jump in BTC was triggered by an unknown bitcoin whale that made a massive transaction between two cryptocurrency wallets..
As the analytical service Whale Alert (@whale_alert), which monitors cryptocurrency wallets, told its readers, the market recorded a transfer of an impressive amount of bitcoins in an amount close to $ 1 billion.
69,369 #BTC (955,011,610 USD) transferred from unknown wallet to unknown wallet
– Whale Alert (@whale_alert) November 3, 2020
According to Whale Alert, the anonymous whale made a transaction of 69,369 BTC, which is equivalent to $ 955 + million. Money was transferred from one unknown crypto wallet to another.
Members of the crypto community immediately rushed to find out who might be behind this transfer. According to cryptocurrency trader and miner Alex Ferraro, the last time, the address from which the money was sent, “lit up” on the market in 2018, and the recipient was a completely new bitcoin wallet.
dude was last seen in 2018 pic.twitter.com/rd3iTs3krK
BITCOIN $14,000 or $18,000?! Bitcoin Analysis November 2020
– ₳ lex Ferraro (@AlexjFerraro) November 3, 2020
In addition, the Whale Alert service identified another major transfer following this transaction. A certain investor withdrew 1,000 BTC from the Coinbase exchange to an unknown wallet, which is equivalent to about $ 14 million. Following on the market, another transfer of a similar amount from an unknown wallet to Crypto.com was made..
How everything is green
It should be added that bitcoin bulls perked up amid a general wave of optimism that hit the markets the night before. According to the results of trading on Wall Street stock indices Dow Jones Industrial Average, S&P 500 and Nasdaq closed higher, while futures continued to trade in the green after the close.
However, the correlation between bitcoin and the stock market has recently been a controversial issue for many participants in the crypto community. So, for example, Messari analysts point out that before the growth on November 3, the shares managed to sag by 7% since October 12. Meanwhile, Bitcoin has grown by about 20% during this time..
The correlation between the S&P 500 and bitcoin has increased in 2020, most notably following the March Covid-19 crash.
However, this has diverged recently with the SPY (-7%) and BTC (+ 20%) since October 12 pic.twitter.com/2GR10qYnKs
– Messari (@MessariCrypto) November 3, 2020
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