Bitcoin And Ether Up As BTC Whales Get Busy Acquiring New Supply From Sellers

Christian Encila

Last Updated: June 11, 2024 2:19 pm

2 mins read

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The majority of cryptocurrencies were trading in the green zone early Sunday. Bitcoin price increased 0.62% in the previous 24 hours to $42,679.03, while Ethereum’s price inched up 1.26% to $3,254.76.

According to Coindesk data, Ether, the second most traded cryptocurrency, was trading at $3,254, up 1.21%.

During the previous day’s session, Bitcoin was trading at its long-term support level, while the crypto markets continued to drop.

BTC/USD spent the most of Saturday trading near its $42,000 support level, following an earlier low of $42,183.25.

Bitcoin, the world’s most valuable cryptocurrency, is currently worth $811,832,005,365. The total volume of bitcoin traded on WazirX in the last 24 hours is $15,699,206,138.

Ethereum’s market cap is currently $391,371,137,484, and its 24-hour trading volume on WazirX is $9,677,852,941.

Bitcoin Volatility Climbs

Bitcoin’s Saturday decline comes on the heels of Friday’s intraday high of $43,903.02, but as volatility increased, traders liquidated some positions, bringing prices lower.

With Saturday’s decline, ETH is now down over 9% in the last seven days, remaining close to its long-term basement.

Bitcoin’s price has fallen roughly 12% from its March 28 high of $48,238.

BTC is currently grappling between the $42,076 support level and the $40,490 to $42,316 demand zone. Its price has retreated 7% in the last seven days, while Ethereum’s price has corrected to roughly 5.45%.

Additionally, alternative cryptocurrencies (altcoins) have risen and fallen in popularity as investor sentiment fluctuates between optimism and pessimism.

BTC total market cap at $825.56 billion on the weekend chart | Source: TradingView.com

Bitcoin 2022 Miami A Success

The Bitcoin 2022 conference in Miami has concluded, with more than 25,000 attendees celebrating the world’s most popular cryptocurrency and other assets.

The annual event brought together some of the industry’s most prominent figures, including Galaxy Investment Partners CEO Michael Novogratz and Paypal co-founder Peter Thiel, to discuss the state of bitcoin.

The crypto economy has expanded in the months since the COVID-19 pandemic devastated the majority of the world’s economies, with more crypto enterprises appearing and flourishing.

Bitcoin has more than quadrupled in value since before the outbreak, despite a nearly 40% decline since November’s record high.

Busy Week For BTC Whales

Meanwhile, according to the latest data, Bitcoin whales have been preoccupied purchasing new supply from sellers, with the exchange Bitfinex seeing some significant bid volumes filled.

Several cryptocurrency news outlets have previously reported on the relevance of Bitfinex whales and their recent purchasing and selling activities.

Another anonymous large-volume wallet has likewise continued to acquire millions of dollars’ worth of Bitcoin at regular intervals independent of price movement — a practice known as dollar-cost averaging.

Featured image from Marca, chart from TradingView.com

Bitcoinist @ Bitcoin 2022 Miami

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.