Return of the whale pool pushes Bitcoin above $51,000 and most altcoins recover


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After a brutal sale in the past four days.

The world’s largest cryptocurrency showed a recovery with a gain of 5.5%.

Bitcoin price rose again above its 200-day moving average of $50,000.

At the time of preparing this article, Bitcoin is trading up 5.5% at $51,130 with a total market capitalization just under $1 trillion.

Amid the recent market sell-off, Bitcoin tested its support at $43,500.

before you bounce back.

During this price correction, huge bitcoin whale addresses accumulated in a large number.

As the data platform Santiment explains:

Source: Santiment

Bitcoin bounced back to $50.1K on Monday, with whales largely exploiting the drop.

Ranging from dump to $43.5K, addresses containing 100 to 10,000 BTC amassed over 67K BTC after the price drop.

We also know that Bitcoin and the broader crypto market have been under pressure, with the spread of the “Omicron” coronavirus mutant.

Speaking to BloombergChris Klein, COO and Co-Founder of Bitcoin IRA, said:

There is a sense of uncertainty across the markets as the year comes to an end.

This is a healthy pullback as all markets look to readjust to the new Fed policies, inflation and Corona fears.

Inflation isn’t going away anytime soon, and investors are noticing that, and are looking to hedge with tools like cryptocurrencies.

With Bitcoin gaining global fame, more and more countries are looking to absorb this new asset class.

According to the latest report, Colombia’s largest bank, Bancolombia, is looking to facilitate bitcoin trading for its customers.

This bank has teamed up with cryptocurrency exchange Gemini to facilitate bitcoin trading.

Interestingly, this partnership is part of a government-sponsored pilot program and will be launched on December 14.

The Colombian government offered this one-year pilot program via the country’s financial regulator.

The new measure from the Colombian bank will help bring Bitcoin and other cryptocurrencies to citizens in a more visible way.

Read also:

Binance announces the IPO of Voxies and its digital currency VOXEL

CME Group Launches “Micro ETH” Futures…Details Here

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