Bitcoin’s three of four largest transactions so far in 2024 occurred on Tuesday, when $665.3 million in BTC was transferred.
A total of 42,870 Bitcoin ware moved within an hour, the highest transaction in nearly six months.
ProShares filed for five leveraged and inverse Bitcoin Exchange Traded Funds on Tuesday.
Bitcoin (BTC) price trades around $42,800 on Wednesday as the network has registered a spike in large transactions after the approval of the Exchange Traded Funds. There were three big moves on Tuesday, when Bitcoin traders moved 42,870 BTC in one hour, the highest hourly movement recorded in the last six months.
Daily digest market movers: Bitcoin transactions worth $665.3 million
- Bitcoin ETF approval ushered an increase in large volume of transactions on the chain.
- According to data from on-chain data intelligence tracker Santiment, three of the four largest BTC transactions in 2024 occurred a few on Tuesday.
- The largest transaction in 2024 was a BTC transfer worth $665.3 million. Santiment recorded the transaction between 3 PM and 4 PM UTC on January 16.
- This move also marked the highest hourly movement on the Bitcoin network in six months.
![BTC](https://editorial.fxstreet.com/miscelaneous/GD_1w8JaAAAhUNn-638410681029144454.jpeg)
Bitcoin sees 3 of 4 largest transactions of 2024. Source: Santiment
- ProShares, a Bitcoin ETF issuer, filed prospectus materials for five leveraged and inverse Bitcoin Exchange Traded Products (ETPs). Within days of Spot Bitcoin ETF approval, the issuer is keen on offering leveraged and inverse BTC securities products. This supports a thesis of rising demand for BTC among market participants.
Technical Analysis: Bitcoin price fails to breach resistance zone
Bitcoin price failed to breach the bearish imbalance zone between $43,500 and $45,600, as shown in the chart below. BTC price remained rangebound below $43,500 on Tuesday and declined to $42,810 on Wednesday at the time of writing.
BTC must break through the resistance zone and present a daily candlestick close above the $45,600 mark to break out of the rangebound price action. BTC is currently above its two long-term 50-day and 200-day Exponential Moving Averages (EMAs) at $42,154 and $35,070, respectively.
![BTC](https://editorial.fxstreet.com/miscelaneous/BTCUSDT_2024-01-17_11-28-11-638410681556983602.png)
BTC/USDT 1-day chart
A daily candlestick close below the 50-day EMA at $42,154 could cement the downward trend of the asset, quashing hopes of a recovery in the short term.
CRYPTOCURRENCY PRICES FAQS
How do new token launches or listings affect cryptocurrency prices?
Token launches like Arbitrum’s ARB airdrop and Optimism OP influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.
How do hacks affect cryptocurrency prices?
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.
How do macroeconomic releases and events affect cryptocurrency prices?
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence risk assets like Bitcoin, mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
How do major crypto upgrades like halvings, hard forks affect cryptocurrency prices?
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs. This has been observed in Bitcoin and Litecoin.