Crypto market strengthens as Bitcoin recovers from last week’s $1B liquidation event

August 24, 2023 08:16 PM AEST | By Invezz

Crypto market strengthens as Bitcoin recovers from last week’s $1B liquidation event — Image source: Invezz

Whales aid market recovery

Last week’s sudden crash dented the broad market revival as $1B vanished from the crypto space, massively hitting trading volumes. Market participants found the ‘buy the dip’ tale unwelcoming as the colossal price declines potentially affected funds and investors.

🐳🦈 #Bitcoin jumped back as high as $26.8K Wednesday as key whale & shark addresses are now collectively adding to their stacks once again. There are currently 156,660 wallets holding 10 to 10,000 $BTC, and they have accumulated $308.6M since August 17th. https://t.co/6vuJpHRTvD pic.twitter.com/vuNgEER2fZ
— Santiment (@santimentfeed) August 23, 2023

However, it appears whales are rejoining the marketplace. Wednesday saw Bitcoin climbing towards $26.8K as dip-pocketed players added to their holdings again. Wallets with 10 to 10,000 BTCs have scooped assets worth $306.8 million since 17 August.

Bitcoin’s latest upticks emerged as the United States equity futures and European stocks surged following a broad-based rally triggered by soaring tech shares.

Bitcoin’s attractive future

#Bitcoin is not Going to $12k 🚨

Here is why :

– 93% of all Bitcoin has now been mined.
– World's largest asset manager Blackrock files for Bitcoin spot ETF
– Mysterious wallet accumulated $3 Billion worth $BTC In just 3 months
– Europe gets its first Spot Bitcoin ETF
– Only… pic.twitter.com/tR5JjoTASy
— Mags (@thescalpingpro) August 22, 2023

While the latest Bitcoin slump triggered worries, analyst Mags highlighted reasons the crypto will remain elevated and attain remarkable surges in the coming months. Nonetheless, time will tell everything.

The post Crypto market strengthens as Bitcoin recovers from last week’s $1B liquidation event appeared first on Invezz.

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