Price action: whales loading up on Bitcoin
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Price action: whales loading up on Bitcoin
Wallets holding between 1,000 and 10,000 bitcoins have increased by almost one-third since the cryptocurrency market bottomed this winter, according to a new report.
Meanwhile, the Dadiani Syndicate, which styles itself as a "platform for ... maximizing your digital holdings," says a client wants to acquire “25 per cent of the bitcoin market.” That’s worth $38 billion at current prices.
Considering that due to lost passphrases, many coins are already gone forever, that seems an impossible task. And the Winklevoss brothers, the world’s first publicly known Bitcoin billionaires, have only 1 per cent of the market. Dadiani is instead helping that client buy as much as possible.
That accumulation comes as we see the return of all sorts of people making price predictions in media, just like 2017.
Technical analysis says Bitcoin is expected to fall before rising again in June, with the long-term trend remaining upward.
Bitcoin is at $8,700 (C$ 11,783) as of noon Sunday, Eastern Time, up almost 9 per cent for the week. The world’s biggest cryptocurrency briefly touched $9,000 in the middle of the week, but it also fell nearly 10 per cent, before rising to current levels.
Keep in mind, though, that with the accumulation, more bitcoins are in fewer hands, meaning that should they decide to sell, the impact on the market will be big.
Canada: Kik seeks $5 million to oppose SEC
The messaging platform Kik, of Waterloo, Ont., in trouble with U.S. authorities over its 2017 initial coin offering (ICO), is raising funds to sue the Securities and Exchange Commission (SEC). The project raised $5.2 million in various cryptocurrencies so far.
The first quarter earnings of Vancouver’s Hut 8 Mining Corp. are out. It is losing money, yet again. Interestingly, it no longer calls itself the biggest, only “one of the world's largest.” It is unclear when or why that change happened, although the Lloydminster, Sask.-born billionaire Calvin Ayre, who has bought Vancouver’s Squire Mining Ltd., now says “I now control the largest publicly traded Bitcoin mining company in the world.”
World: Coinbase's latest exit — president
Coinbase Inc. is losing its president and chief operating officer, the latest in a series of departures by senior executives at the San Francisco-based cryptocurrency exchange.
Cryptopia Limited, a New Zealand company that operated a large cryptocurrency exchange, filed for U.S. bankruptcy protection after hackers stole over $16 million.
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