Everything involving BTC
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Everything involving BTC
Market Insights
29/8/2023 11:35 AM

Everything involving BTC

Bitcoin's price dropped by approximately 8% within a 10-minute span on Aug.

BTC Drops to $26k level:

Bitcoin's price dropped by approximately 8% within a 10-minute span on Aug. 17, falling to prices not witnessed since June 20. The cryptocurrency's value was around $27,677 at 9:30 pm UTC on Aug. 17 before plummeting to $25,409. On the Bitfinex crypto exchange, it even reached a low of $24,715, but later rebounded slightly above $26,000. This sudden decline has been attributed by some to reports of SpaceX devaluing its Bitcoin holdings by $373 million and selling it, and by others to China's Evergrande Group's Chapter 11 bankruptcy filing in New York. Following the drop, Bitcoin's market capitalization fell below $500 billion, a level not seen since June 16.

Additionally, the Smart Index by Bots Originals, which employs algorithmic strategies to predict market movements, astutely positioned itself short right before this significant market dip. As a result of this timely decision, the index secured an impressive 6% profit for the day, showcasing its capability to leverage market fluctuations effectively.

Bleak outlook for BTC in September:

As August draws to a close, Bitcoin's price appears unstable, with traders anticipating further decline. The cryptocurrency began the week hovering around $26,000, marking August as its worst-performing month in 2023. Despite a sharp crash 10 days prior, bulls haven't been able to regain control. With September historically being a weak month for Bitcoin and the end of August near, there's speculation of another potential dip. Although major financial events take a backseat this week, the Personal Consumption Expenditures (PCE) Index remains a focal point. With no clear signs of recovery, traders and analysts remain cautious. Bitcoin's price declined, barely holding $26,000, and quickly dipped to $25,880 before experiencing a slight rebound. A well-known trader, Skew, has indicated increasing pressure from short sellers. Skew characterised the weekend's Bitcoin movement as "max pain price action." The cryptocurrency saw an 11% decline in August. Keith Alan, co-founder of Material Indicators, hints at even lower prices, noting the absence of significant buying activity from "whales" and an overall lack of liquidity in the market.

Robinhood owns 3rd largest BTC Wallet:

Robinhood, the investing and trading platform, has been identified as the third-largest Bitcoin holder, with over $3 billion in BTC stored in a single wallet. This revelation positions Robinhood behind only Binance and Bitfinex, who have holdings of $6.4 billion and $4.3 billion, respectively. The owner of this massive wallet had been a topic of speculation among market observers for months. While some theorised it belonged to financial giant BlackRock or even the crypto exchange Gemini, data confirms that Robinhood transferred about 118,300 bitcoins into the wallet from various smaller wallets over three months. This Bitcoin is under the custody of crypto trading company Jump Trading. Transactions began on March 8 and continued until July 14. Interestingly, this vast Bitcoin holding contrasts with Robinhood's reported decrease in crypto trading revenue, which was $31 million in Q2, down from $38 million in Q1.

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