- Bitcoin’s three of four largest transactions so far in 2024 occurred on Tuesday, when $665.3 million in BTC was transferred.
- A total of 42,870 Bitcoin ware moved within an hour, the highest transaction in nearly six months.
- ProShares filed for five leveraged and inverse Bitcoin Exchange Traded Funds on Tuesday.
Bitcoin (BTC) price trades around $42,800 on Wednesday as the network has registered a spike in large transactions after the approval of the Exchange Traded Funds. There were three big moves on Tuesday, when Bitcoin traders moved 42,870 BTC in one hour, the highest hourly movement recorded in the last six months.
Daily digest market movers: Bitcoin transactions worth $665.3 million
- Bitcoin ETF approval ushered an increase in large volume of transactions on the chain.
- According to data from on-chain data intelligence tracker Santiment, three of the four largest BTC transactions in 2024 occurred a few on Tuesday.
- The largest transaction in 2024 was a BTC transfer worth $665.3 million. Santiment recorded the transaction between 3 PM and 4 PM UTC on January 16.
- This move also marked the highest hourly movement on the Bitcoin network in six months.
Bitcoin sees 3 of 4 largest transactions of 2024. Source: Santiment
- ProShares, a Bitcoin ETF issuer, filed prospectus materials for five leveraged and inverse Bitcoin Exchange Traded Products (ETPs). Within days of Spot Bitcoin ETF approval, the issuer is keen on offering leveraged and inverse BTC securities products. This supports a thesis of rising demand for BTC among market participants.
Technical Analysis: Bitcoin price fails to breach resistance zone
Bitcoin price failed to breach the bearish imbalance zone between $43,500 and $45,600, as shown in the chart below. BTC price remained rangebound below $43,500 on Tuesday and declined to $42,810 on Wednesday at the time of writing.
BTC must break through the resistance zone and present a daily candlestick close above the $45,600 mark to break out of the rangebound price action. BTC is currently above its two long-term 50-day and 200-day Exponential Moving Averages (EMAs) at $42,154 and $35,070, respectively.
BTC/USDT 1-day chart
A daily candlestick close below the 50-day EMA at $42,154 could cement the downward trend of the asset, quashing hopes of a recovery in the short term.
Ethereum FAQs
What is Ethereum?
Ethereum is a decentralized open-source blockchain with smart contracts functionality. Serving as the basal network for the Ether (ETH) cryptocurrency, it is the second largest crypto and largest altcoin by market capitalization. The Ethereum network is tailored for scalability, programmability, security, and decentralization, attributes that make it popular among developers.
What blockchain technology does Ethereum use?
Ethereum uses decentralized blockchain technology, where developers can build and deploy applications that are independent of the central authority. To make this easier, the network has a programming language in place, which helps users create self-executing smart contracts. A smart contract is basically a code that can be verified and allows inter-user transactions.
What is staking?
Staking is a process where investors grow their portfolios by locking their assets for a specified duration instead of selling them. It is used by most blockchains, especially the ones that employ Proof-of-Stake (PoS) mechanism, with users earning rewards as an incentive for committing their tokens. For most long-term cryptocurrency holders, staking is a strategy to make passive income from your assets, putting them to work in exchange for reward generation.
Why did Ethereum shift from Proof-of-Work to Proof-of-Stake?
Ethereum transitioned from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) mechanism in an event christened “The Merge.” The transformation came as the network wanted to achieve more security, cut down on energy consumption by 99.95%, and execute new scaling solutions with a possible threshold of 100,000 transactions per second. With PoS, there are less entry barriers for miners considering the reduced energy demands.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin Price Forecast: BTC recovers as Donald Trump takes lead on polls
Bitcoin (BTC) slightly recovered to around $68,800 on Tuesday, following a shift in the United States presidential race that saw former President Donald Trump regain the lead, after US spot Bitcoin ETFs experienced an outflow of over $540 million on Monday.
Crypto markets brace for volatility in tight race between Trump and Harris
The US presidential election is one of the most significant events in the world. Due to the influence of the country’s political decisions, policies, and economic approaches, it can significantly impact crypto and global markets.
Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections
MAGA (TRUMP) trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.