Crypto Market Surge: Bitcoin Rebounds Amid Whale Accumulation and Regulatory Updates
The post Crypto Market Surge: Bitcoin Rebounds Amid Whale Accumulation and Regulatory Updates appeared first on Coinpedia Fintech News
The total cryptocurrency market cap surged around 1 percent in the past 24 hours to reach about $2.54 on Thursday during the London session. The sharp uptick in on-chain activity, mostly involving whale traders, has helped Bitcoin (BTC) price rebound above $65k to trade around $65,834 at the time of this writing.
Change in Crypto Regulatory Scope
The cryptocurrency market turned bullish in the last 24 hours after the United States Securities and Exchange Commission (SEC) dropped its long investigations into Ethereum. Additionally, the US SEC signaled the end of the Ripple lawsuit after it requested the court to issue a fine of $102.6 million for partially violating securities laws.
Meanwhile, India, a fast-growing crypto and web3 innovation hub, has focused on providing clear crypto regulations. For instance, Binance exchange has been fined $2.2 million by the Indian government for violating the country’s anti-money laundering regulations, which signals its inevitable return.
Whales Accelerate Accumulation Rate
— Santiment (@santimentfeed) June 20, 2024
The crowd is mainly fearful or disinterested toward Bitcoin as prices range between $65K to $66K. This extended level of FUD is rare, as traders continue to capitulate. BTC trader fatigue, combined with whale accumulation, generally leads to bounces that reward the patient. pic.twitter.com/WMy3lbdjEB
According to on-chain data analysis firm Santiment, crypto investors have shown extreme negativity and fear towards Bitcoin for the past four consecutive weeks. With crypto whales anticipating an inevitable rebound ahead, Santiment noted that the group has been accumulating more coins relentlessly.
According to on-chain data analysis, a single giant whale purchased around 6070 Bitcoins worth about $395 million. However, the average Bitcoin’s retail volume has dropped significantly in the recent past.
Is the Correction Over?
From a technical standpoint, Bitcoin price is not yet out of the woods until it consistently closes above $67k on the higher time charts. With the notable cash outflows from the US-based spot Bitcoin ETFs, the flagship coin remains under immense selling pressure.
According to a popular crypto analyst Ali Martinez, Bitcoin price could continue in a bearish trend towards $54,930 based on the Market Value to Realized Value (MVRV) indicator.
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