opinion

Bitcoin defends $60,000... 'whales' buying dips

Bitcoin is up 0.57% from 24 hours ago to $65,042, according to cryptocurrency market watcher Coinmarketcap. At the same time, the leading altcoin, Ethereum, was trading at $3156, up 0.38% from the previous day, while Ripple was trading unchanged at $0.52.

Bitcoin halving occurs every 210,000th block. This halving started at the 840,000th block. As a result, the current Bitcoin mining reward has been reduced from 6.25 BTC to 3.125 BTC. This has increased the scarcity of Bitcoin, which has driven the price up.

Some believe the price will rise in the future. According to blockchain analytics firm Into the Block, a whale that owns at least 0.1% of bitcoin bought 19,760 tokens for $1.2 billion on Nov. 19 (local time). The whale's low-priced purchases indicate that Bitcoin is likely to rise in the coming days, CoinDesk analyzed.

Bitcoin has fallen sharply on diminished expectations of a rate cut by the US Federal Reserve

US stocks fell on speculation that the Fed will remain cautious about cutting interest rates. The Dow Jones Industrial Average closed at 396.61 points, or 1%, down from the previous trading day at 39,170.24. The S&P 500 was down 37.96 points, or 0.72%

blockchain crypto cryptocurrency btc hit 500K after halving (SpotedCrypto)

PlanB "BTC to hit $500,000 this halving...$500,000 possible in next halving"

"Bitcoin is likely to rise to $500,000 in the upcoming 2024-2028 halving cycle, and bitcoin could rise to $5 million in the next halving cycle, 2028-2032," Dutch analyst PlanB, who invented the Stock-to-Flow (S2F) model, a bitcoin price prediction model, told X, according to YT. "The

blockchain crypto cryptocurrency mtgox gemini pressure weighs on bitcoin (SpotedCrypto)

Mt. Gox, Gemini $10.5 billion selling pressure weighs on markets

K33 Research Senior Analyst Vetle Lunde said that the potential $10.5 billion worth of crypto selling pressure from Mt. Gox and Gemini is weighing on the market. The amount of BTC that Mt. Gox and Gemini owe back to their users is 141,000 BTC and 27,600 BTC,

Read next