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Cryptocurrency prices.. The return of Bitcoin “whales” revives the market

 

Cryptocurrency prices rebounded, after a decline during Friday’s trading, due to profit taking.

The market value of Bitcoin jumped, Saturday, to the level of 921.63 billion dollars, and the volume of transactions came at the level of 31.43 billion dollars in the last 24 hours.

Bitcoin's rise in recent days has been accompanied by investor bets that the prospect of increased stimulus spending in the United States will lead to greater gains, and that more mainstream financial services firms have taken steps to invest in the emerging asset class.

“Bitcoin that has been accumulated by major investors recently is correlated with a change in the average price of Bitcoin,” said Philip Gradwell, chief economist at Chainalysis.

He added, Bitcoin whales are the ones holding over 1,000 Bitcoin - they were a "driving force" in the market until late February.

Chainalysis has linked bitcoin whale purchases to the price of the cryptocurrency, which often rises within 28 days of the start of extended buying from these investors and drops with selling.

After being confiscated from criminals, where do the cryptocurrencies go?

Bitcoin has gained about 82% since hitting its lowest level this year at $27,700 in January.

And in the middle of this month, the price of virtual currencies rose at a time when global companies continued to recognize Bitcoin as a payment currency for the services of these companies, such as Apple Pay and Google Pay

And AMC, the operator of cinemas in America, announced last Tuesday that it will be technically ready to accept Bitcoin for booking tickets to theaters by the end of this year.

The Chedi Andermatt hotel, located in the Swiss Alps region, announced on Friday that it would allow its guests to pay for their stay in the hotel in digital currencies.

The hotel, owned by Egyptian billionaire Samih Sawiris, stated that it will accept the two digital currencies "Bitcoin" and "Ethereum", and will consider accepting other digital currencies in the future.

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