- Bitcoin daily high so far at USD 9,940
- Ether whales could be moving to Bitcoin, according to Glassnode data
- BitGo takes on Indian crypto exchange client
Bitcoin markets seem to be powering up again, as prices continue to climb hour after hour, with the daily high so far recorded at USD 9,940 (CoinDesk). Could this be the miners hitting back after seeing the revenues in Bitcoin drop by half since Tuesday? Or is this simply the case of buyers waking up after taking a beating from sellers over last weekend? Or is this just another random run of rallying we’re so used to seeing?
Whatever it is, Bitcoin looks more and more attractive with every passing day, and now, according to some fresh data, even Ethereum whales are looking up at the top ranked coin by market capitalization.
And this is despite a 50% gain in ETH price. But the data shows that while prices have gone up by 1.5x, whale addresses, those wallets holding large amounts of Ether, have actually gone down, with Tuesday only seeing 1,050 individual wallets average across seven days holding more than 10,000 ETH. This is in fact the lowest average seen since the January 2019, if looking at the numbers from crypto analysis firm Glassnode.
And the fact that it went down by about 5% since December’s high of 1,115 suggests that more and more whales are relinquishing their stashes of Ether. Of course, these are all accounts owned externally, meaning individually controlled by private keys, and are not contract accounts controlled by their own codes. But it doesn’t mean that these are separate individuals, so it is more than possible than the actual number of individual whale entities here could be even lower.
In contrast, however, the number of Bitcoin whale addresses has been slowly going up, suggesting that there are more accumulators of Bitcoin than of Ether. In fact, there have been 111 addresses on the seven-day moving average of the number of addresses holding 10,000 BTC or more — the highest number since August 2019. Digital Assets crypto analyst Connor Abendschein speculated that this could be more than coincidence, saying:
“Some ETH whales could have moved into BTC in anticipation of potential price appreciation in the top cryptocurrency due to effects of the mining reward halving.”
Could the halving event have caused Ether holders to convert and migrate to Bitcoin? Or could it simply just be the recognitiong that Bitcoin is a useful store of value, as proposed by DeFiner lending platform CEO Jason Wu?
Meanwhile, BitGo, one of the oldest names in crypto custody services, has now announced a partnership with Indian crypto exchange CoinCDX, giving a boost to the local industry scene in India.
The big name custodian will now offer Indian clients secure storage for digital assets as well as partial insurance for traded assets.
The partnership is pretty big, given that BitGo has claimed to process more than a fifth of all Bitcoin transactions, and has an insurance policy coverage of up to USD 100 million, using an insurer syndicate from the Lloyd’s of London and European Marketplace.
CoinCDX it seems already began transferring over some of its assets to BitGo wallets from last week, effectively leaving ConCDX funds secured in omnibus and segregated hot and cold wallets with two-factor authentication for all accounts.
And this also means that part of the traded funds on CoinCDX will be covered by BitGo insurance, although it is not stated how much. BitGo chief revenue officer Pete Najarian declared:
“…with the recent uptick in trading volumes on Indian exchanges, the need of the hour is for professionalization in the form of fund security in the crypto market.”
CoinCDX co-founder and CEO Sumit Gupta highlighted the recent incoming foreign investments into India’s crypto industry, having confirmed investments from the likes of Polychain Capital, Bain Capital Ventures, and BitMEX operator HDR Global Trading. He explained:
“The recent Facebook-Jio deal also signals that global conglomerates are starting to turn towards India as a potential hub to launch crypto-related projects. “
Image Courtesy: Pixabay