In this 2020 we have witnessed numerous events that have affected the cryptocurrency market in one way or another. Highlighting the tensions between Iran and the United States or the drop of more than 30% about two days ago. All this has required adjustments in the investment strategies of many, the ones that always lead the way are crypto whales.
Therefore, we bring you a summary of their activity during the last 24 hours, and that you can get some useful information from it.
Analysis of Bitcoin and crypto whales
Throughout nine operations, crypto whales have circulated around 17,688 BTC according to reports from Whale Alert. Of this total, 9,788 BTC ended up in unknown wallets, thus denoting that just over half of the BTC moved was for accumulation purposes.
This graph indicates how Bitcoin has recovered a bit from the 30% drop it had, but it is still not enough to ignore the effects this had on other cryptocurrencies. Some crypto whales have taken advantage of this juncture to accumulate BTC. The Coronavirus continues to generate fear in the meantime.
Altcoins are also stored
Additionally, we have that crypto whales have also chosen to accumulate altcoins, such as USDC and USDT. For example, on this day highlighted a movement for USD20,000,000 (USD20,000,000) transferred from USDC Treasury to an unknown wallet.
Regarding USDT, three transactions were recorded by crypto whales. Each was made for amounts equal to or greater than 5,000,000 USDT directed from the Tether Treasury to unknown wallets. The total of these three transactions was USD 19,000,000.
On the other hand, crypto whales also carried part of their USDT to exchanges like Poloniex and Bitfinex. According to Whale Alert, $ 8,054,634 ($ 8,058,253) went from an unknown wallet to Poloniex. Also, 7,189,154 USDT (7,255,753 USD) was taken from an unknown wallet to Bitfinex.
For now, all the major cryptocurrencies have fallen in the past few hours.
One of them is obviously Bitcoin, which at the moment is said to have only dropped 6.26% on this day. However, it still costs a bit to recover from the 30% drop on March 12, 2020.
Therefore, it is expected that the crypto whales that had been waiting for an opportunity to prepare for the Halving of Bitcoin are taking advantage to accumulate more of this cryptocurrency.
The attention is undoubtedly focused on the Coronavirus and not so much on the Halving, and this is demonstrated by searches on Google recently.
Meanwhile, global markets are struggling to recover from the ravages of the Coronavirus, even many investors or entrepreneurs are more concerned with contingency plans in the face of this situation, than with how to invest in Bitcoin or any other cryptocurrency.