Crypto market update: Crypto whales back in action, market slides as Bitcoin, Ethereum and Ripple tumble

Feb 25,2019 04:12   Source:Forex Crunch
  • Bitcoin whales move $396 million in BTC in one month.
  • Bitcoin bulls pushed for gains $4,100 and formed February highs around $4,187.24.
  • Ethereum breaks below key support at $140 while Ripple explores the lows around $0.2982.

Cryptocurrency whales are back, and this time they have moved more than $396 million in the largest crypto on the market, Bitcoin (BTC). Some of the wallets addresses moving the assets belong to known cryptocurrency exchange platforms. Precisely, the known addresses belong to crypto exchanges transferred at least 104,949 BTC; an equivalent of $396 million as per the data on BitInfoCharts.

The data indicates that ten of the addresses added more Bitcoin bring the total sum of the assets moved to 74,966 BTC. This could mean that cryptocurrency whales are increasing their holdings of BTC. However, seven of those addresses closed the month with fewer BTC to show that the owners sold the Bitcoin. In fact, the seven addresses have at least 29,983 million less of the BTC they had at the beginning of the month.

Market Overview

Bitcoin succumbed to bear pressure on Sunday hours after it had broken above the resistance level at $4,000. Moreover, the bulls had pushed for gains $4,100 and formed February highs around $4,187.24. However, the price did not stay above $4,000 for long as the bears sent it tumbling to the support at $3,700. At present, Bitcoin is trading at $3,772 after trending 1% higher on the day.

Ethereum also flew the bullish flag pattern high with gains almost hitting $170. However, the price formed a high around $167.76. A bearish candlestick saw ETH/USD not only slide below $150 but also the next support target at $140. The asset is changing hands at $139.00 following a 4.25% rise today.

More on Ethereum news and price analysis here.

Ripple, on the other hand, was not spared by the bear pressure leading to a devastating drop below $0.3. The crypto found bearing at 0.2982 before reclaiming the position above $0.30. It is trading at $0.3041 after adding 1% gains to its value on Monday.

 

The post appeared first on Forex Crunch.



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