Crypto News – Following its earlier week-long decline below the $39,000 barrier, Bitcoin is now back above $42,000.
Bitcoin Accumulation Wallets Value Rises Dramatically to $68 Billion
Even though the subsequent spike in selling pressure on Bitcoin was concerning, the general outlook still seems positive. The CEO of CryptoQuant, Ki Young Ju, stated that Bitcoin accumulation wallets, which presently contain an astounding 1.7 million BTC, worth $68 billion, are proof of this.
An indication of this kind of tendency is that investors are becoming more and more confident in the top cryptocurrency asset. Large amounts of Bitcoin held in accumulation wallets demonstrate the trend toward holding the cryptocurrency as a long-term investment or store of value. Apart from demonstrating investors’ confidence, the accumulation trend in Bitcoin’s potential also suggests a decrease in market supply, which could lead to an increase in prices.
Falling Prices Attributed to Whales and Sharks
The current decline in price is because large Bitcoin holders, including whales and sharks, have sold more of their holdings to dump them in the trading markets and increase their earnings. But the market prepares for this year’s fourth halving in April, the gradual accumulation by a few other parties is anticipated to drive up the price of Bitcoin.