The Bitcoin (CRYPTO: BTC) price has edged higher over the past 24 hours.
The worldâs original crypto is up 0.5% to US$19,370 (AU$28,562). That leaves Bitcoin down 3.5% over the past week and a hefty 59% lower in 2022.
What’s happening?
Bitcoin was trading for US$24,887 as recently as 15 August. The 21% collapse since then mirrors the 9% drop in the tech-heavy NASDAQ over that same period.
The token, and most every altcoin, has been closely correlated with the movements of risk assets, like high-growth tech shares, throughout 2022. The Bitcoin price moves, both up and down, tend to be significantly larger than what we see on the NASDAQ, as witnessed by the much bigger fall since 15 August.
The past weekâs selling pressure has come as investors re-evaluate their holdings amid the outlook for further interest rate rises ahead. The higher rate environment has not proven friendly to cryptos so far.
Sinking Bitcoin price stirs sleeping whales
With Bitcoin falling below the key psychological level of US$20,000, it looks to have stirred some long dormant whales into selling their outsized holdings. And thatâs likely putting more downward pressure on the Bitcoin price.
On Wednesday, CryptoQuant CEO Ki Young Ju noted that a Bitcoin whale had moved 15,000 tokens to exchange wallets. At this weekâs prices, that works out to some US$290 million.
â8-year-old 15k Bitcoin moved across ten days, and some of them were sent to Kraken,â he tweeted.
Looking at Wednesdayâs charts, the Bitcoin price tumbled from US$19,815 to US$18,647 in less than eight hours. Certainly not having a whale of a time.
According to CryptoQuant, itâs often a bearish sign when long dormant, large Bitcoin holders move their tokens to exchanges.
Investors waiting for the token to reclaim its 10 November record highs of US$68,790 may have to be patient.
The post Why the Bitcoin price is not having a âwhale of a timeâ lately appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.* Scott just revealed what he believes could be the “five best ASX stocks” for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now
See The 5 Stocks
*Returns as of August 4 2022
(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}
setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
- Why Bitcoin, Ethereum, and Solana were up Thursday morning
- The Ethereum price just dropped 8% despite Merge progression
- The Bitcoin price just fell below US$19,000 What’s happening?
- 3 reasons to invest in Ethereum right now
- Is El Salvadorâs great Bitcoin experiment fizzling or just getting started?
Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bitcoin. The Motley Fool Australia has positions in and has recommended Bitcoin. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
from The Motley Fool Australia https://ift.tt/hYfWIxD
Leave a Reply