Crypto markets have been picking up this week, with a push to $14,000 on the cards. Earlier this week as Bitcoin was pushing $12,500 we saw a huge whale place a massive 1,192 buy order over on Binance. Whether it was just a wealthy newbie coming to the crypto world that has no clue about OTC markets, or a whale looking to try and manipulate prices is not yet clear. However, the massive buy order worth $14.9 million failed to have any impact on the market in the short term as the price fell through to $12,300 in the moments following the order.
Can We Find $20,000?
The whales are back out in force, buying up huge piles of Bitcoin. This new-found momentum and support could very well propel us back to fresh yearly highs. It looks very much as if the drop to $9,000 was a bear trap as Bitcoin has bounced back to life. Bitcoin broke through the $11,200 channel with very little resistance and we already know it has the power to smash its way to $13,800 with no resistance, meaning there could be a new yearly high on the cards. If we can break through $14,100 we could see $15,000 in no time, and then it’s only a short hop to $20,000.
Whales are Back in Town
A couple of weeks ago, a huge Bitcoin whale moved an incredible 8,884 Bitcoin over to his or her Coinbase account. It’s still unclear as to why the whale decided to begin trading large volumes on open markets, but it looks as if the whale doesn’t have any manipulation intentions in mind. It’s not just the Bitcoin whales that are back in town, Bitfinex saw an unidentified wallet send a massive 5 million USDT tokens to a Bitfinex account. On that note, Tether has been printing USDT at a crazy rate lately, printing $1.5 billion USDT tokens in the past 3 months.
This massive buy order on Binance has crypto markets excited, but it raises the question – who would trust an exchange with that much money. Earlier this year, Binance was hacked and more than 7,000 BTC was stolen. For a big whale to trust Binance with $14.9 million is a huge sign that Binance has stepped up its security game and that the crypto community still believes in it. Keep an eye out for a huge withdrawal from Binance, it’s likely this whale will store his or her Bitcoin somewhere more secure!