😎 Summer Sale Exclusive - Up to 50% off AI-powered stock picks by InvestingProCLAIM SALE

'$1 Million BTC' Samson Mow Delivers Epic Bitcoin Whale Stat

Published 07/10/2024, 11:44 AM
Updated 07/10/2024, 04:00 PM
© Alpha Footage \'$1 Million BTC\' Samson Mow Delivers Epic Bitcoin Whale Stat
BTC/USD
-

U.Today - The price of Bitcoin (BTC) has been experiencing a real roller coaster in recent days, with last week's substantial drop of more than 15% leading to even more uncertain swings.

Thus, the major cryptocurrency has experienced a significant fall in recent days, dropping from $64,000 to just under $54,000 in five days. This was followed by attempts by buyers to recoup the decline.

However, despite recapturing the $59,000 mark, it has not been able to hold that price consistently. At the time of writing, Bitcoin is trading at $58,465, which nevertheless represents a 6.5% recovery since the beginning of the week.

In the context of these market fluctuations, Samson Mow, a prominent figure in the cryptocurrency industry and proponent of the $1 million BTC, has noticed notable Bitcoin whale activity.

Bitfinex whale story

Mow claims that since mid-June, "whales" on the Bitfinex exchange have purchased nearly 12,000 BTC. Based on current prices, this accumulation represents an investment of about $720 million. Activity of this magnitude may indicate a high level of confidence and demand among large investors.

It is important that this is Bitfinex data, because in addition to being a major cryptocurrency exchange, it is one of the oldest, having been operating on the market since 2012. Activity on Bitfinex is closely monitored by experts, as large amounts of BTC often appear there, influencing overall market trends.

In addition, Bitfinex was one of the first professional platforms built for cryptocurrency trading, which means that many old-timer whales who have experienced a lot in crypto reside here, and their activity can say a lot about the mood of the most influential market participants.

This article was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.