Bitcoin
Time To Buy The Dip?
Crypto Whale News: Even as crypto traders fear of more regulatory shocks in coming weeks, a section of high profile investors are not much concerned. After crypto exchange Binance placed a temporary suspension of US Dollar deposits and withdrawals, a crisis situation could emerge if none of the US banks come forward to support. While there could be more clarity next week, Kraken’s $30 million settlement with the U.S. Securities and Exchange Commission (SEC) led to a sudden price decline in the market.
Also Read: U.S. House Committee Doubts Timing Of SEC’s FTX Probe
The settlement came with a warning – Coinbase CEO Brian Armstrong’s statement that the SEC could ban crypto staking altogether. In this context, SEC chair Gary Gensler’s comments about crypto companies requiring to do full disclosures only confirms such actions going forward. He went as far as saying the only way crypto companies could survive is by complying to full and faithful disclosures as required by US laws.
Whales Encash Crypto Price Dip
On chain data shows that Bitcoin (BTC) whales with holdings of over $1 million saw the price dip as a huge buying opportunity. Accordingly, they filled their bags at the current prices, so much so that the whale buying was highest after the FTX collapse in November 2022. This also shows that the negative sentiment around Kraken‘s shutting down of crypto staking service would only last for short duration. Hence, the whales foresee a significant BTC buying opportunity under the $22,000 range.
Also Read: Ethereum (ETH) Price Reaches Inflection Point, Risks A Massive Fall Next Week
As of writing, BTC price stands at $21,752, down 1.44% in the last 24 hours, according to CoinGape price tracker. On the flipside, if the staking ban is indeed implemented in the US, another selloff could trigger shift of investments to Bitcoin and stablecoins, which are considered safe bets in volatile environments.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
