Bitcoin has seen a 13.1% increase in price since Federal Reserve Governor Christopher Waller warned that crypto prices could fall to zero [1]. The veteran investor Mark Mobius recently said on CNBC that bitcoin could crash to $10,000, a more than 40% plunge from current prices [2], and that the drop could happen in 2023. Bitcoin’s price has not been above $50,000 since December 25, 2021, likely due to continued surging inflation [3]. With the Fed’s tightening of monetary policy this year, the appeal of cryptocurrencies may be reduced, as the central bank has been raising interest rates sharply.
References:
[1] Fed Governor Warns Crypto Prices Could Fall to Zero [2] BTC price could fall 40% to $10,000 in 2023, Mark Mobius … [3] Bitcoin Fell Back Below $20,000 for First Time Since October …Why Bitcoin Price increased today 8% to $24,587.0?
Bitcoin prices have been on the rise today due to favorable macroeconomic data and some significant whale moves [1]. The U.S. Consumer Price Index (CPI) inflation data released yesterday showed that the January inflation rate was higher than expected, which is likely to cause the Federal Reserve to maintain their current low-interest rate policies [2].
Additionally, Ethereum, the world’s second-largest cryptocurrency, and meme token Dogecoin have also seen an increase in value [3], further boosting the crypto market. This surge in the crypto market has pushed Bitcoin’s price up to $24,587.0 [1], an 8% increase from yesterday.
Or..is the market reaction to Fed Governor Christopher Waller statements?
References:
[1] Bitcoin (BTC) Price Could Begin Short-Term Correction [2] Why is Bitcoin price up today? – Cointelegraph [3] Why Bitcoin, Ethereum, and Dogecoin Are Rising TodayAre the Crypto Wales influence the rising of Bitcoin Price ?
Cryptocurrency whales have a large enough share of the market to influence the value of Bitcoin. [1] Critics of the crypto ecosystem say that whales make this space centralized, maybe even more centralized than the traditional financial markets. [2]
Single trades made by such whales can lead to huge changes to the price of bitcoin – swamping any movements by smaller investors, as The Sun reported that 1,000 individuals own 40% of the market in bitcoin. David Gerard, a known crypto-skeptic, said that whales can move the price easily because the bitcoin trading market is thin and lacks volume. [3] Bitcoin whales hold enough BTC to influence the value of the currency, and they do so to increase their liquidity and allow more trading.
These Bitcoin whales can be divided into four general groups: exchanges, institutions, individual investors, and custodians. Each of these groups have the potential to manipulate currency valuations and their influence on price is increasing in light of recent market volatility. It is clear that these whales have the power to affect Bitcoin’s price, and it is likely that they will continue to do so in the future.
References:
[1] How Bitcoin whales make a splash in markets and move prices [2] Bitcoin Whales: the Key Facts and Figures You Need to Know [3] Who Are Bitcoin Whales and How Do They Trade? – DecryptDid Bitcoin Whales Ear Fed Governor that Crypto Could Fall to Zero?
The recent rise in the price of BTC may be due to several factors, including the influence of crypto whales. It is possible that some of these whales saw the recent statement by Fed Governor Christopher Waller as an opportunity to buy more Bitcoin in an effort to defend and bolster its market value.
It is also possible that the rise in Bitcoin’s price could be attributed to other factors, such as news of new institutional investments in the cryptocurrency, an increase in awareness and interest in Bitcoin and other cryptocurrencies, or simply an increase in the overall demand for cryptocurrency.
The exact reasons behind the recent rise in the price of Bitcoin remain unknown. However, it is clear that the statement by Fed Governor Christopher Waller may have played a role in the recent increase in the price of Bitcoin and other cryptocurrencies, as some crypto whales may have seen it as an opportunity to build up their portfolios.
Bitcoin price today is $24,587.0 increasing 8%
Bitcoin’s price has been on an upward trajectory over the past 24 hours, increasing 8.0% to $24,587.0, according to data from CoinDesks [1] Digital Asset Classification Standard (DACS).
This is a continuation of the recent bullish trend in the cryptocurrency market, with Bitcoin gaining 2.4% to $24,579.55 at around 7:45 a.m. ET [2] and Ethereum up 1% at $1,686.87, as per Coin Metrics. The current market capitalization of Bitcoin stands at $474.88 billion [3].
References:
[1] Bitcoin Price | BTC Price Index and Live Chart – CoinDesk [2] Bitcoin (BTC) price surges as crypto market gains $84 billion … [3] Bitcoin (BTC) price in USD today, charts, overview, market cap
