Categories: Bitcoin

Whales increase bitcoin transfers on exchanges as BTC price hits a new record in Turkey

Bitcoin disappointed investors with its recent price correction, but Bitcoin holders have never been so comforted in any country.

Market data from TradingView on November 23 confirms that Bitcoin has hit a new ATH against the Turkish Lira.

Bitcoin exceeds 700,000 lira

Turkey is grappling with a currency crisis while President Recep Tayyip Erdogan is pushing to keep interest rates low.

As a result, the lira’s exchange rate plummeted, with USD / TRY rising 14% on Tuesday alone, topping 13 for the first time.

USD / TRY 1-Day Candlestick Chart | Source: TradingView

As Turks’ purchasing power declines over time, BTC holders can see the benefits of money with a limited supply more clearly than ever.

BTC / TRY hit 723,329 Libra on Tuesday – the latest in a nearly uninterrupted series of ATHs.

BTC / TRY 1-Day Candlestick Chart | Source: TradingView

“Bitcoin is hope for Turkey. The Libra has lost a third of its value since March and has fallen for nine years in a row. The move from TRY to USD will only slow the crash, while the adoption of BTC will completely fix the damage and revitalize the economy, “said MicroStrategy CEO Michael Saylor last week.

According to the data, BtcTurk, one of the few exchanges in the country, has processed around 1,000 BTC ($ 56.7 million) in volume on the BTC / TRY pair in the past 24 hours.

“Central banks only market Bitcoin for free,” commented analyst Lex Moskovski as other events unfolded.

Under Erdogan, who declared a “war” on cryptocurrencies in September, the stock market industry had tough times behind it.

The Thodex platform was at the center of a scandal earlier this year after it was shut down and CEO Faruk Fatih Ozer ran away with $ 2 billion at the time.

Despite the breakdown and the imprisonment of at least 6 employees, Ozer is still there with huge sums of money.

Whales are increasing the BTC transfer to the exchange

According to new data, Bitcoin whales are moving large amounts of coins on exchanges in parallel with large outflows.

According to the exchange rate to whale ratio indicator from on-chain analytics firm CryptoQuant, large transactions account for more than 90% of recent forex deposits.

In a marked change from previous behavior, whales have become much more active potential sellers on the exchanges over the past week.

The whale’s exchange rate measures the size of the top 10 deposits on exchanges relative to all deposits. This indicator will ring the alarm bells.

“Whales send BTC to exchanges. The share of BTC whales on the exchange (72 hours MA) reached 91%. This shows that the top 10 deposits across all exchanges make up 91% of the deposit volume in an hourly time frame, ”summarized CryptoQuant CEO Ki Young Ju.

BTC / USD and Whale ratio Above Exchange | The source: Ki Young Ju

The data suggests an interesting counterpoint to the current whale narrative.

Large wallets shopped during the recent downturn, while whale bids on the Bitfinex exchange rose from $ 50,000 to around $ 54,000 on Tuesday.

Under Ki’s tweet, others responded that the large outflow from the stock market is continuing and that the reserves are at their lowest level since mid-2018.

Bitcoin reserve Above Exchange on 11/22 | Source: CryptoQuant

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Minh Anh

According to AZCoin News

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Bitdeer Convertible Notes Worth $360 Million Offered for Expansion Efforts

The Bitdeer convertible notes offer a 42.5% conversion premium, allowing conversion into cash with the…

26 minutes ago

Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets

Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire

50 minutes ago

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

2 hours ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

4 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

4 hours ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

4 hours ago

This website uses cookies.