Bitcoin whale activity drops to yearly low

by in Cryptocurrency News

Crypto whales

The Bitcoin network has seen a weakening of whale activity over the past few days.

According to the Santiment team, the number of transactions worth more than $100,000 fell to the lowest level in a year. A similar situation is observed on Ethereum.

Researchers believe that most of the largest investors adhere to a waiting strategy. Therefore, in the coming days, one should not expect sharp changes in the cost of bitcoin and ether.

BTC jumped to $41,691 last night on some trading floors. The rebound came after the Fed raised the discount rate for the first time since 2018.

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However, the coin could not hold its position and on the morning of Thursday, March 17, it fell to $40,790. Ether (ETH) and Binance Coin (BNB) are trading at $2,764 and $384, respectively. XRP, Cardano (ADA), and Solana (SOL) strengthened to $0.7903, $0.848, and $87.14 during Asian trading.

According to LMAX Digital exchange strategist Joel Krueger, the Fed rate hike will inevitably hit the stock markets.

Capital will exit risky assets, in this situation cryptocurrencies will also suffer. Therefore, it is unlikely that Bitcoin will be able to jump to $45,000 in the current cycle.