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Flash Hike: Bitcoin [BTC] smashes $4,000 resistance in a single rise

Priya

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Flash Hike: Bitcoin [BTC] smashes $4,000 resistance in a single rise
Source: Unsplash

This week has turned out to be the most pleasant one for the cryptocurrency market as all the coin started to rise in the bear’s suppressing kingdom. The currencies were all painted in green after several weeks of bleeding, with some even showing growth by double digits.

Additionally, out of all the days in this week, today, December 20, has turned out to be a rather special one for the whole market as all coins have started to take steps to regain their previous positions. This includes all major currencies such as Bitcoin [BTC], Ethereum [ETH], XRP, Bitcoin Cash [BCHABC], and Litecoin [LTC].

Bitcoin [BTC], the ruler of the market with the highest market capitalization, smashed through the $4,000 market after bleeding for almost two weeks because of the bear’s assault.

According to CoinMarketCap, at press time, Bitcoin was trading at $4,057 with a market cap of $70.73 billion, breaching the $4,000 mark in a single blow. The cryptocurrency records a trading volume of $7.56 billion and is witnessing a ride up the hill by over 8% in the past 24 hours.

Bitcoin one-hour price chart | Source: Trading View

Bitcoin one-hour price chart | Source: Trading View

The highest trade volume for the coin is surging in from BitMEX, as the exchange has $3 billion volume for BTC/ USD trade pairs. The second highest trade volume is pictured to be on Binance with Tether [USDT] pair. The other exchanges in the top-five include CoinBene, OKEx, and Bitfinex.



Ran NueNer, CNBC Crypto Trader host said on Twitter:

“40% recovery in a week! I’m cautiously optimistic that we have seen the bottom. On your marks, get set, troll…”

Recently, Mike Novogratz, spoke about Bitcoin [BTC] and other cryptocurrencies massive drop in price, with most of the currencies seeing over 90% drop since their all-time high. He said:

“We had a bubble, it popped, we’ve had a monster correction, altcoins are down 98%, Ethereum’s down by 90+%, Bitcoin is down by 85%, we’ve had the correction, and a lot of people say that this was Tulips, well, it wasn’t Tulips, it was a mania built on something that’s real.”





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Bitcoin’s [BTC] dump may have triggered migration of BTCs worth hundreds of millions

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Bitcoin's [BTC] dump may have triggered migration of BTCs worth hundreds of millions
Source: Unsplash

Bitcoin dropped by 3.55% over 3 hours, an approximate drop of $200, causing many altcoins to dip by more than 8%. Although it might be a coincidence, thousands of Bitcoins started to migrate from wallets to exchanges, wallets to wallets, and exchanges to wallets.

Whale Alert, a Twitter user, pointed out the same in his tweets. A total of  25,000 BTC were sent in under 20 minutes, in multiples of 5000 BTC each, in a wallet to wallet transaction. Two of these transfers were initiated from an unknown wallet [3BYv2L9zCFYpvRQXakqkVWa7JyRw6Q9ZAm] to two other unknown wallets [3PWNGS2357TnjRX7FpewqR3e3qsWwpFrJH, 3CAF6ZjtJKaHiJixViXncTRwG3N5ss9vn4].

These 5 transfers were worth approximately $140 million. The third transfer took place from multiple wallets to a single wallet [3HuUiXmKN3beQSoM97kWjK1fesWWJvKvaZ].

Additionally, there were two massive transactions that took place two hours after the drop; the first transaction involved 14,999 BTC, while the second involved 11,000 BTC.

The former transaction was sent from two wallets to a single wallet [3GaB3nRWA1PLc3XQkkbpVtFwYYZEuMxD4i], which is the balance of the wallet. The latter transaction was similar to the one mentioned above, as the transaction originated from two wallets.

Another transaction containing 9,000 BTC was transferred from 357R3FeNmySYeHuRfyhFd6nMwzoLDdjfwV to 3NmHmQte2rP8pS54U3B8LPYQKkpG1pFF69. The sender has approximately 9,412 BTC after the transfer, while the recipient has 9,000 BTC.

All of the above transactions were worth approximately $332 million. The massive BTCs transferred could be due to the recent fall in the price. It can also be speculated that BTC whales were securing their profits earned from the shorts.

A Twitter user @Emperor_YZ commented,



“and who say the fee is high, just 30,360 sat ($1.67)🤔 for a $82.37 million transfer …”

Another user, @Omarin0, commented,

“It would have also been 1.67$ for a 1.67$ transfer. 100% fee. How nice”

@Emperor_YZ replied,

“wrong, you can use LN or other layer 2 apps to do small amount payments 😎 for BTC base layer, network security is always top priority, L2 is super cheap and can settle at base layer later”





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