Bitcoin Loses Value After Reaching $28,000: Whales Draw Attention - COINTURK NEWS
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Bitcoin Loses Value After Reaching $28,000: Whales Draw Attention

8:04 pm (94 days ago)
September 2, 2023

The leading cryptocurrency Bitcoin (BTC) started trading at $25,700 after experiencing value losses following its surpassing of the $28,000 levels during the week. As the losses in BTC gain speed, the crypto analysis platform IntoTheBlock draws attention to the transactions carried out by addresses holding high amounts of crypto assets and referred to as ‘whales’ in the crypto ecosystem.

Crypto Market in Decline

The leading cryptocurrency Bitcoin (BTC), which surpassed the $28,000 levels on Tuesday, fell again during the week and temporarily retreated to around $25,400. The cryptocurrency market gained a downward momentum as BTC dropped below the $26,000 levels.

BTC also started the weekend with a decline and fell to the $26,700 levels with its recent value losses. The total market value of the crypto ecosystem also fell back to $1.04 trillion according to CoinMarketCap (CMC) data.

Due to the influence of the downward trend in the market, numerous altcoins have experienced significant value losses and reached their lowest price levels in recent times. Crypto analyst Michael Van de Poppe, evaluating the recent market declines, suggested that for the crypto market to initiate a new rally, BTC needs to surpass the $26,700 levels in the near term.

Additional $1.5 Billion Worth of BTC Added in the Last 2 Weeks

According to the recent data shared by crypto analysis platforms, addresses holding high amounts of crypto assets and referred to as ‘whales’ in the crypto ecosystem have made significant additions to their portfolios in recent weeks. Crypto analysis platform IntoTheBlock drew attention to the increase in the accumulation of addresses holding substantial amounts of BTC and shared the current data, stating:

“Addresses holding 0.1% or more of Bitcoin’s supply added over $1.5 billion worth of BTC to their assets in the last two weeks.”

However, although these addresses continue to make additions to their holdings in recent weeks, this situation did not create an upward impact on the price performance of the leading cryptocurrency BTC. BTC, which experienced a strong downward momentum after reaching the $28,000 levels due to the Grayscale news on Tuesday, fell below the $26,000 levels again.

Disclaimer: The information in this article does not constitute investment advice. Investors should be aware of the high volatility and therefore risk associated with cryptocurrencies and should conduct their own research before making transactions.

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