Whales Hold Steady: Bitcoin's $62k Milestone Sees No Major Sell-offs

Whales Didn’t Sell Bitcoin at $62k, On-Chain Data Shows

The cryptocurrency market has been closely monitoring the movements of large Bitcoin holders, commonly known as "whales." According to a report by crypto.news, these whales have not participated in recent sell-offs despite Bitcoin surpassing the $62,000 mark. The data indicates that while geopolitical tensions between Iran and Israel were escalating, leading to fluctuations in financial markets, whale transaction volumes decreased significantly from $48 billion to $25 billion on October 5th. This reduction suggests a period of price consolidation with lower volatility.

Bitcoin Should Be Going To The Moon: So Why Is It Still On The Launch Pad?

An intriguing analysis by DLNews explores why Bitcoin hasn't surged despite favorable economic conditions such as China's massive stimulus spending and interest rate cuts by the Federal Reserve. Analysts attribute this stagnation partly to geopolitical unrest following missile attacks in the Middle East which traditionally drive investors towards gold rather than digital assets like Bitcoin. Despite being hailed as 'digital gold,' historical trends show that BTC's performance often aligns more with traditional monetary policies than acting independently during crises.

UAE Exempts Crypto Transfers From Value-added Tax

The United Arab Emirates is making strides toward becoming a hub for digital asset transactions by exempting cryptocurrency transfers and conversions from value-added tax (VAT). Cointelegraph reports that amendments published by UAE’s Federal Tax Authority will apply retrospectively from January 1st, 2018. These changes are expected to enhance input tax recovery for virtual asset companies operating within its borders while also streamlining regulations around virtual assets through agreements among regulatory bodies like Dubai’s VARA.

$40K Bitcoin Remains Strong Possibility; Ethereum Investors Hedge Bets With Presale Token

A Brave New Coin Insights article highlights concerns about potential declines in both major cryptocurrencies—Bitcoin and Ethereum—as we approach year-end 2024. While some analysts predict BTC could drop back down near or below $40K due largely to bearish signals that persist across technical indicators. These include moving averages showing downward momentum over short periods, which have recently experienced significant drops too, causing further unease among ETH stakeholders who now look elsewhere seeking safer havens amidst uncertainty surrounding future prospects.

Ethereum Whales Start To Vanish – What Does This Mean For ETH?

The number of Ethereum whales holding substantial amounts has declined sharply since July according to AMBCrypto News' latest findings. Although still profitable overall, the majority remain optimistic regarding long-term outlooks thanks to rising net inflow activity signaling increased demand network-wide, potentially driving prices higher once again. This could occur soon enough should bullish sentiment continue building up gradually over time, eventually culminating into another rally phase sooner rather than later, perhaps even before the end of the next quarter, depending on various factors influencing broader ecosystem dynamics.

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