In the middle of this week, Bitcoin (BTC) broke above $42,000. On some trading floors, the BTC rate reached $42,500 on the morning of January 19.
However, a correction soon followed, and the night before, the cryptocurrency fell to $41,292. Today, its capitalization over the past seven days has decreased by 5% to $792.769 billion.
According to Santiment, the short-term spike in BTC was the result of a surge in whale activity. In two days, the largest addresses purchased 40,000 coins. Against the backdrop of another swim of bitcoin whales, in just five hours, the cryptocurrency added $1,000 in price.
The analysts also found that between December 18 and January 8, addresses holding between 1,000 and 10,000 bitcoins sold a total of 70,000 coins.
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Then the accumulation resumed and BTC went up again. American investors are the most active.
According to Arcane Research, since the beginning of January, about 43% of Bitcoin transactions have been made by traders from the United States.
Experts confirmed the conclusions of their colleagues from other companies and banks that there is a correlation between cryptocurrency and the S&P 500 stock index.
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The dependence of bitcoin on the activity of stock market participants has been increasing over the past 12 months.