Bitcoin rises 5.5%, but whales don’t buy and big miner in trouble

Bitcoin stijgt, aantal wallets groeit en koers ontkoppelt van aandelen

Bitcoin (BTC) sees a small revival after a few red days. On Monday evening and yesterday morning, bitcoin hit its annual low of around $15,600 several times and even dropped to $15,400 on some exchanges.

For the time being, this level has held up, because yesterday afternoon and last night, bitcoin made two jumps. This brings the price back into last week’s range, although the $16,600 seems to provide a little too much resistance for the time being. The bitcoin price is at $16,510 on Binance and $16,000 on Bitvavo at the time of writing.

This means that the bitcoin price is up 5.5% today. Trading volume fell 0.4% in the past 24 hours. The total market capitalization is $317 billion and the dominance is 38.5%. The Fear & Greed Index comes out at 22 (Extreme Fear).

Equity markets also turn green

The rise in bitcoin and the crypto market is accompanied by a small uptick in other financial markets, such as the S&P 500. It shows that the markets are still highly correlated in this year’s poor macroeconomic condition.

FOMC minutes to follow tonight

New key economic data from the United States is being released today. The eyes are mainly focused on the so-called FOMC minutes. These minutes from the previous Federal Open Market Committee (FOMC) meeting may provide more insight into Federal Reserve policy.

Will the Fed be more dovish Or will the Fed remain mainly hawkish? We’ll probably find out at 8:00 tonight. Prices can react volatile to that, but tomorrow is Thanksgiving in the US. That means the markets are closed and the volume in the crypto market is likely to be lower than normal.

Largest bitcoin miner in the world in trouble

Core Scientific, the largest bitcoin miner in the world, is in trouble. The company announces that the losses are piling up so much that it is not certain that it will still exist a year from now. When such a miner has to capitulate, it can cause a major blow to the price. More on this on Crypto Insiders later today.

Fourth largest 1-day loss in bitcoin history

Analytics company Glassnode reports that last Friday the bitcoin market saw a realized loss of a whopping $1.9 billion. That’s the fourth-biggest one-day loss Bitcoin has ever suffered. This year, only the crash of Terra (LUNA) caused a bigger blow.

Number of 1+ BTC addresses is rising sharply

The number of addresses with more than 1 BTC is rising parabolically, says Philip Swift, founder of Look Into Bitcoin. This increase follows the FTX fiasco, but may be due to investors getting their BTC from different exchanges and then keeping it in one wallet.

Bitcoin whales are not accumulating

Analyst IT Tech warns that bitcoin whales are not yet accumulating. According to the analyst, an increase in the number of addresses does not mean that they accumulate. The balances of the very largest wallets are actually declining:

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