In this ongoing selling pressure, the overall cryptocurrency market may experience a massive sell-off. Today, in order to return a massive $3 billion worth of assets to customers, Genesis has recently transferred a significant $2.958 billion worth of Bitcoin (BTC) and Ethereum (ETH), according to the on-chain analytics firm Lookonchain.
Genesis moves $3 billion worth of BTC and ETH
Today on August 2, 2024, Lookonchain made a post on X (previously Twitter) stating that Genesis Trading has just moved a notable 32,256 Bitcoin (BTC) worth $2.12 billion and 256,775 Ethereum (ETH) worth $838 million to multiple addresses in the last 3 days. This massive asset transfer may impact the overall cryptocurrency market.
Earlier between June 12 and July 15, 2024, when Genesis Trading transferred 13,291 BTC worth $830.7 million to Coinbase, the market was significantly impacted, and the BTC price fell from $68,000 to $55,800. This massive price drop was approximately 18%, as shared by Lookonchain. However, this time we may see a similar kind of price fall.
Bitcoin price-performance analysis
As of now, BTC is trading near $63,200 and has experienced nearly a 2% price drop in the last hour. However, in the last 24 hours, it has seen a 0.6% upside momentum. Meanwhile, trading volume during the same period is up by 17%, highlighting increased participation from traders and investors.
Bitcoin technical analysis and key levels
According to expert technical analysis, BTC looks bearish and is currently at a crucial support level near $63,000. If BTC fails to sustain this level we may see a massive sell-off.
Based on the historical data and price momentum, if BTC gives a daily candle closing below the $62,300 level, there is a high chance that the price of BTC could fall below $60,000 or even more in the coming days.
As of now the major liquidation levels are at $62,500 on the lower side and $64,500 on the higher side, according to on-chain analytic firm CoinGlass.
If the market sentiment remains unchanged and BTC falls to the $62,500 level, nearly $401 million of the long position will be liquidated. Conversely, if market sentiment changes and BTC price soars to the $64,500 level, nearly $720 million of short position will be liquidated.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed