Originally published on: August 29, 2024
In a tumultuous turn of events, Bitcoin took a nosedive towards the $60,000 mark on August 29 as the market weathered a wave of sudden sell-offs. The cryptocurrency’s price plummeted to a two-week low of $57,900 on Bitstamp before beginning to climb back up.
**Market Turmoil and Binance Controversy**
BTC/USD faced intense pressure as investors attributed the downturn to a flood of spot selling on the prominent exchange, Binance. The platform found itself embroiled in a controversy over funds from users in Palestine, resulting in a significant uptick in selling activity during U.S. trading hours.
**Whale Watch: Big Moves in the Market**
Despite the chaos, large-volume investors made a noteworthy splash in the market. A whale made headlines by scooping up almost $60 million in Bitcoin, hinting at strong confidence in the digital asset. This move signaled some positivity amidst the market turmoil and garnered attention from industry analysts.
**Analysts Predict Further Price Fluctuations**
Michaël van de Poppe, the visionary CEO of trading firm MNTrading, foresaw a potential decline to as low as $56,000 following Bitcoin’s failure to hold above the critical $61,000 level on shorter timeframes. Meanwhile, renowned trader Rekt Capital observed a consolidation pattern in BTC/USD, anticipating a breakout was on the horizon.
**A Glimmer of Hope Amidst the Chaos**
On a brighter note, wallets holding between 10 to 10,000 BTC saw a collective increase of 133.3K coins over the past month, providing a ray of hope for the market dynamics. Additionally, smaller traders displayed impatience as they offloaded holdings to these larger entities.
**Invest with Caution**
It’s essential to remember that this article serves as informational content and not as investment advice. Every decision involving investments and trades carries inherent risks, requiring individuals to conduct thorough research before committing to any financial moves. Stay informed, stay cautious.
