Bitcoin continues to struggle to stay above $ 50,000, dropping -3% in the past 24 hours while the correlation with the traditional market only increases. The cryptocurrency even dropped to $ 46,000 on some exchanges, but has recovered and is now trading above $ 48,000.00 with the price in Brazil at $ 274,300.00 with a 1.83% rise in the last hour:
"(We have a) very strong support at $ 47,000 – about 500,000 BTC were moved at that level," noted Schultze-Kraft (CEO of Glassnode). “It is important that we hold it; otherwise, we could see below 40,000 quickly before the next bullish movements. ”As we can see at Coingolive, not the entire market is falling. In addition to stablecoins, XRP rises 2.34% with statements by Garlinghouse (CEO of Ripple Labs) about business continuity in Asia despite the SEC lawsuit:
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“This (the lawsuit) has hampered activity in the United States, but it has not really impacted what is happening to us in Asia-Pacific. We were able to continue to grow business in Asia and Japan because we had regulatory clarity in those markets. We are seeing that XRP liquidity activity has grown outside the United States and continues to grow in Asia, certainly in Japan ”- said the CEO of Ripple during an interview with Reuters. it can generate a lot of volatility and opportunities in the market. It is good to keep an eye on and enter the exclusive Cointimes channel on Telegram.
Institutionals continue to buy in the fall:
This recent drop in bitcoin has opened up the buying opportunity for large investors. Activity on the bitcoin blockchain suggests that institutionals continue to buy. CryptoQuant data showed the departure of 12,000 BTCs from Coinbase early in the morning today:
And the appetite seems to have no end. Only in the last hour the USDC and USDT stablecoins together created almost US $ 50 million, if we add the 58 million BUSD created this morning we will have almost 100 million with potential for purchase entering the market.These new investors support the volatility of the crypto market, according to Ki-Young Ju (CEO of CryptoQuant). “It seems that most US institutions have not sold any Bitcoin since their OTC purchases. For example, Coinbase's custody portfolios since December 23, 2020 (show that) no BTC has moved since then, ”said Ki-Young.
