Breaking: Massive Bitcoin (BTC) Whale Transfers Sign Of Pump And Dump?

Read full article at Coingape.

Crypto News: In the middle of a huge Bitcoin price pump, crypto whales appear to have sprung into action with huge asset bags. While the failure of the Silicon Valley Bank and Signature Bank led to a rout in the US banking stocks on Monday, a crypto market pump came as a welcome move for traders. The bank stocks dumped even as US President tried to instill confidence in the US banking system with his latest speech. This is despite U.S. regulators stepping in with a series of emergency measures.

Also Read: U.S. President Biden Claims Investors Of Affected Banks Will Not Be Bailed Out

Interestingly, both Both Signature Bank and Silicon Valley Bank were the preferred banking partners for many of the venture capital companies that dealt closely with the crypto ecosystem. In fact, USDC issuer Circle was highly impacted by the Silicon Valley Bank collapse as the stablecoin lost its peg to the value of 1 US Dollar.

Bitcoin Whales Make Huge Asset Transfers

In a latest, Bitcoin whales are likely looking to make the most out of the current situation as the BTC price trades just above the $24,000 mark. According to Whale Alert, as many as around 6,000 BTC was transferred in two transactions from unknown wallets to crypto exchange Binance. While one transfer involved 999 BTC, it was followed by a huge 4,999 BTC move almost immediately from a different wallet address.

In yet another such transaction, as much as 11,125 Bitcoin were transferred to Binance. Immediately, the Bitcoin price seems to be showing initial signs of correction, although it is uncertain if it is related to the whale transfers.

Also Read: Cardano Founder Brings Up Crypto Collaterals Amid US Bank Collapse

Earlier, shares of banks like shares of Metropolitan Bank, Regions Financial Corporation, East West Bancorp and Western Alliance Bancorporation were halted for trading amid high volatility in the market.

The post Breaking: Massive Bitcoin (BTC) Whale Transfers Sign Of Pump And Dump? appeared first on CoinGape.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

Related articles

Bitcoin surges past $24,000 on CME launch of BTC event contracts

Read full article at News. On Mar. 13, American derivatives marketplace CME announced the launch of Bitcoin […]

Learn More

ChatGPT Predicts Bitcoin’s Price In 2030

Read full article at Coingape. ShareTweetFollow usSaveThis article is strictly for informational purposes only. It is not a […]

Learn More

Here’s why CFTC suing Binance is a bigger deal than an SEC enforcement

Read full article at News. Market observers pointed out that CFTC goes after the bigger fish, and […]

Learn More