Bitcoin Whales ‘Profiting More and More’; Cash settlement?

In a historic feat for the cryptocurrency universe, Bitcoin (BTC) marked a new peak, reaching an impressive value of US$72,000 recently. The recent increase also reflects the vigorous interest and growing confidence in the cryptoasset market.

Renowned cryptocurrency analyst Ali Martinez shared a liquidation alert for the largest cryptocurrency on the market on March 12.

The number of Bitcoin whales holding 1,000 BTC or more has seen a 4.83% drop over the past two weeks. The analyst suggested that Bitcoin whales are increasingly exiting amid the nearly 50% rise in prices.

“Recent data reveals a notable trend among Bitcoin whales. Those holding more than 1,000 $BTC are increasingly withdrawing, resulting in a 4.83% drop in these BTC addresses over the past two weeks,” he wrote.

Recent data reveals a notable trend among #Bitcoin whales. Those holding over 1,000 $BTC are increasingly cashing out, resulting in a 4.83% drop in such #BTC addresses over the last two weeks. pic.twitter.com/IL7OQAGSwE

— Ali (@ali_charts) March 12, 2024

In a other analysis, Martinez noted that currently, it is estimated that $30 billion worth of long positions could face liquidation across the cryptocurrency sector if Bitcoin sees a drop to the $50,500 price level.

At the time of publication, the price of Bitcoin was quoted at US$71,826.93, down 0.6% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$55,898,198,427. Over the last 30 days, BTC has increased its price by an impressive 49.6%.

White House Projects Surprising Bitcoin Value of $250,000 by 2035

In a development that caught the attention of the cryptocurrency world, Pierre Rochard, an influential name at Riot Platforms, brought to Platform X a revealing interpretation of the 2025 budget proposed by the Biden administration.

His analysis, based on the fiscal and regulatory guidelines included in the document, hints at a bright future for Bitcoin with a surprising price forecast: “Biden’s budget for 2025 is very optimistic in relation to Bitcoin. The White House expects $250,000 by 2035. They’re counting on it for their tax revenue!”

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.