The reaction from investors was evident when the crypto market collapsed immediately after China’s crypto ban. Bitcoin whales are also showing a slight interest in the ban and bullish accumulation.
At press time, Bitcoin (BTC) is trading 4.5% at a price of $ 44,030 and a market capitalization of $ 827 billion. This means that strong whale purchases have recovered by almost 80% from the last market slump.
Citing data from Santiment, crypto analyst Lark Davis reported that bitcoin millionaire whale addresses accumulated heavily during this latest correction. These whale addresses with 100-10K Bitcoin have accumulated another 80,000 Bitcoin
This isn’t the first time China has used its power to shut down cryptocurrencies. It has been tried since 2017, but the crypto market is getting stronger with the participation of larger investors. At the same time, it is not only Bitcoin whales that are accumulating in large numbers. According to Glassnode, Bitcoin accumulates across pools.
Important NOTE: All content on the website is for informational purposes only and does not constitute investment advice. Your money, the choice is yours.
The reaction from investors was evident when the crypto market collapsed immediately after China’s crypto ban. Bitcoin whales are also showing a slight interest in the ban and bullish accumulation.
At press time, Bitcoin (BTC) is trading 4.5% at a price of $ 44,030 and a market capitalization of $ 827 billion. This means that strong whale purchases have recovered by almost 80% from the last market slump.
Citing data from Santiment, crypto analyst Lark Davis reported that bitcoin millionaire whale addresses accumulated heavily during this latest correction. These whale addresses with 100-10K Bitcoin have accumulated another 80,000 Bitcoin
This isn’t the first time China has used its power to shut down cryptocurrencies. It has been tried since 2017, but the crypto market is getting stronger with the participation of larger investors. At the same time, it is not only Bitcoin whales that are accumulating in large numbers. According to Glassnode, Bitcoin accumulates across pools.
Important NOTE: All content on the website is for informational purposes only and does not constitute investment advice. Your money, the choice is yours.
Wes Fulford, CEO of investment advisor Viridi Funds, says Bitcoin has shown better resilience to the Chinese FUD than other altcoins. In a note last Friday, Fulford said:
“We see a declining crypto market, but the reaction is significantly less than with previous bans, as the market has already priced in the risk of a ban on crypto trading by China.”
In an email to Business Insider, Yield App CEO Tim Frost said the move was expected. As China continues to push its digital yuan into use, it will likely ban the use of public cryptocurrencies for all purposes. He further stated:
China has made its intentions very clear: like all dictatorships, it wants extremely strict control over all financial activities in the country and does not want any competition for its currency digitally from its own central bank.
Fortunately, there is no shortage of countries and jurisdictions that are now adopting cryptocurrencies. So while the loss of the world’s most populous country is a blow, much of the damage is small compared to the overall crypto market.
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