Bitcoin News 1440: Bitcoin Hovers Near $20,000 as Whales Accumulate
August 19, 2023
The price of Bitcoin (BTC) hovered around $20,000 on Saturday, August 19, as whales continued to accumulate the digital asset. According to data from Santiment, an on-chain analytics platform, the number of Bitcoin addresses holding at least 1,000 BTC has increased by over 20% since the beginning of the month.
This accumulation by whales suggests that they are betting on a long-term recovery in the price of Bitcoin. Whales are typically sophisticated investors who have a deep understanding of the crypto market and are known for their ability to move the market.
The accumulation by whales has been one of the few bright spots in an otherwise bearish market. The price of Bitcoin has fallen by over 70% from its all-time high of $69,000 set in November 2021. The decline has been driven by a number of factors, including rising interest rates and the collapse of several high-profile crypto projects.
Despite the recent decline, some analysts believe that Bitcoin is undervalued and that the current bear market is a buying opportunity. They point to the fact that Bitcoin has survived previous bear markets and has always emerged stronger on the other side.
If whales continue to accumulate Bitcoin, it could be a sign that the market is close to a bottom. Once the accumulation phase is over, the price of Bitcoin is likely to start moving higher.
Other News
* Ethereum Merge Expected in September: The highly anticipated Ethereum Merge, which will transition the network from a proof-of-work to a proof-of-stake consensus mechanism, is expected to occur in September. The Merge is a major milestone for Ethereum and is expected to improve the network’s scalability and efficiency.
* SEC Charges XRP Issuer Ripple with ‘Unregistered Securities Sale’: The U.S. Securities and Exchange Commission (SEC) has charged Ripple Labs Inc. and its two executives with selling unregistered securities worth over $1.3 billion. The SEC alleges that Ripple sold XRP, the native token of the XRP Ledger, as an investment contract and failed to register it with the agency.
* Crypto Exchange Binance Launches NFT Marketplace: Binance, the world’s largest cryptocurrency exchange by trading volume, has launched an NFT marketplace. The marketplace allows users to buy, sell, and trade NFTs from a variety of creators.
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