Crypto Whale Accumulation at its Highest in 3 Months: Time to Buy The Dip?
Crypto Whale News: While crypto traders are concerned about the possibility of regulatory shocks in the coming weeks, some high-profile investors are not as worried. If no US banks offer support, a crisis could arise after Binance, a crypto exchange, temporarily suspended US Dollar withdrawals and deposits. Although there may be more clarity next week the sudden price drop in the market was caused by Kraken’s $30million settlement with the U.S Securities and Exchange Commission (SEC).
Also read: U.S. House Committee Doubts the Timing Of SEC’s FTX Probe
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The settlement was preceded by a warning. Coinbase CEO Brian Armstrong stated that the SEC could ban crypto-staking entirely. SEC chair Gary Gensler’s remarks about crypto companies having to make full disclosures only confirms that such actions are being taken. He stated that crypto companies can only survive if they comply with all US laws.
Chain data shows that Bitcoin (BTC), whales holdings exceeding $1 million saw the price drop as a huge buying opportunity. They bought at current prices, so whale buying was high after the FTX crash in November 2022. This shows that the negative sentiment surrounding Kraken’s closing down of crypto-staking service Kraken would only last a short time. The whales see a significant BTC buying opportunity below $22,000.
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Also read: Ethereum (ETH), Price Reaches Inflection Point. Next Week, There’s a Massive Drop
According to CoinGape’s price tracker, the BTC price is at $21,752, a drop of 1.44% over the past 24 hours. A selloff could also occur if the US staking ban is implemented. This could lead to investors shifting to stablecoins and Bitcoin, which are considered safe investments in volatile environments.
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The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.
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