U.Today – The price of (BTC) has been experiencing a real rollercoaster ride over the past few days, with last week's substantial drop of over 15% giving rise to even more uncertain swings.
The leading cryptocurrency has seen a significant drop in recent days, falling from $64,000 to just under $54,000 in five days, followed by attempts by buyers to recover the fall.
However, despite regaining 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 nonetheless represents a 6.5% recovery since the start of the week.
Against the backdrop of these market fluctuations, Samson Mow, a prominent figure in the cryptocurrency industry and a proponent of the $1 million BTC, has noticed notable Bitcoin whale activity.
Bitfinex Whale Story
Mow says that since mid-June, Bitfinex exchange “whales” have purchased nearly 12,000 BTC. At 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 data from Bitfinex, because in addition to being a major cryptocurrency exchange, it is one of the oldest, having been operating in the market since 2012. Activity on Bitfinex is closely monitored by experts, as large amounts of BTC often appear there, influencing overall market trends.
Moreover, Bitfinex was one of the first professional platforms created for cryptocurrency trading, which means that many veteran whales reside here who have a lot of experience in cryptocurrencies, and their activity can say a lot about the mood of the most influential market participants.
This article was originally published on U.Today
