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Peter Davis

An writer at FOMOdrive

  • Oct 10, 2023
  • 2 min read

Bitcoin under pressure - what's happening?

Ethereum sales are putting pressure on the crypto market.

Bitcoin remains the preferred choice for investors.

It looks like cryptocurrency purchases may be starting soon.

A Bitcoin whale, dormant for six years, has reawakened.

A new study from Fidelity Digital Assets has found that Bitcoin is the most secure, decentralized, and scarce cryptocurrency in the world. Despite the significant challenges faced by other digital assets, the study noted the ongoing adoption of the digital gold.

The number of bitcoins held by speculators has dropped to a near 8-year low, while Hodlers have increased the amount of coins in their wallets to a new high, according to Bitfinex.

The Ethereum Foundation experienced pressure due to the sale of 1,700 ETH on the Uniswap decentralized exchange, which was converted into USDC stablecoins for a total of $2.7 million.

Kaiko has observed that investors are still favoring Bitcoin over Ethereum. This has caused the ETH/BTC pair to reach its lowest point since July 2022. After Ethereum transitioned to the Proof-of-Stake consensus algorithm in September of last year, its value dropped by almost 30% relative to Bitcoin. CoinMarketCap data also shows that the Bitcoin Dominance Index has recently surpassed 50%.

Santiment has reported that the purchase of cryptocurrencies may be imminent, as investors have transferred $10 billion worth of Tether stablecoins to exchange wallets. Refill of these addresses has been seen since mid-September, and the amount of USDT on trading platforms is now at its highest point since March 2023.

A Bitcoin whale has recently stirred from its six-year slumber. Data from Lookonchain reveals that the proprietor of a wallet containing 2,995 BTC has moved coins for the first time in six years, dispersing the amount to two new addresses.

Bloomberg reported that the Binance exchange has ended its much-publicized Industry Recovery Initiative, which was intended to provide $1 billion in support for the crypto industry following the collapse of FTX. However, only $64 million was collected from one of the announced participants.

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