Bitcoin Price Live: Crypto Market Whales Aggressively Buy BTC In Bullish Signal

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Bitcoin remains in a period of consolidation at the start of the week, with the price remaining in the $ 33,000- $ 36,000 range since early July.

The cryptocurrency lost in value by around 5% overnight, but remains above $ 34,000 on Monday morning.

Other leading cryptocurrencies including Ethereum (ether), dogecoin, and Cardano (ada) have seen similar stability in recent days, although current trends suggest price gains may be on the way.

The latest data on the crypto market from analyst firm Glassnode shows that there has been a significant increase in so-called whale counts, which is usually a bullish signal.

An increase in the number of addresses of crypto whales holding more than 1,000 bitcoins occurred alongside the record-breaking run that took bitcoin to an all-time high above $ 64,000 in April.

You can follow all the latest news, updates and expert price predictions here.

Bitcoin mining difficulty drops to record low

China’s crackdown on the crypto industry has resulted in the biggest drop in bitcoin mining difficulties in history.

Over the weekend, mining difficulties fell more than 27%, also leading to a drop in transaction fees. This event may have contributed to the brief spike in bitcoin prices which saw it rise by almost $ 36,000.

The ban on bitcoin mining in much of China has been blamed in part on recent cryptocurrency losses, but some claim it will ultimately benefit the industry as it will mean the network is spread more evenly.

(Glassnode / @DocumentingBTC)

Anthony CuthbertsonJuly 5, 2021 11:58 a.m.

Bitcoin whales peak in two months

The number of so-called crypto whale holders with over 1,000 bitcoins has peaked in two months, suggesting significant price gains may be on the way.

Data from market analysis firm Glassnode reveals that the number of whale entities increased by 80,000 to 4.126 million in a few hundred thousand people from the all-time high in February 2021.

The increase in the number of crypto whales is generally seen as a bullish sign, as it shows that those with the most power in the market are currently accumulating bitcoins.

The latest rise in the whale balance suggests the bottom may have been hit, CoinDesks Omkar Godbole notes.

Anthony CuthbertsonJuly 5, 2021 10:35 AM

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to live coverage of the crypto market by The Independents.

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Anthony CuthbertsonJuly 5, 2021 09:38

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