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  • Bitcoin retreats as German government selling intensifies

    Bitcoin retreats as German government selling intensifies

    • Bitcoin (BTC) price fell to under $56,000 as the German government sold more BTC
    • On-chain data shows Germany sent more than 16,000 BTC to exchanges on Monday – the largest transfers in a single day.

    Bitcoin price fell below $56,000 again on Monday, dropping by about 2% at the time of writing as Germany took its BTC selling spree to a new level.

    Per on-chain data tracking the Bitcoin held by the German government, Monday saw more than 16,000 BTC sent to crypto exchanges – the largest such dump by the government-controlled wallet in a single day.

    The selling intensified amid transfers of 2,700 BTC, 5,200 BTC and 8,100 BTC in quick succession over a two hour period.  

    “The German Government sent another 5200 BTC ($297.3M) to Kraken, Bitstamp, Coinbase and 139Po right after we posted this tweet. That makes this the biggest day for them so far – over 16,000 BTC in total,” the Arkham team posted on X.

    Bitcoin price dips amid sell-off

    Bitcoin reaction to the selling, which has persisted over the last few weeks, saw Bitcoin price dip from intraday highs of $57,877 to around $55,130.

    Germany seized 50,000 bitcoin from Movie2k earlier this year. Over the last few days, it has accelerated its selling to see the total holdings reduce rapidly to 23,787 BTC at the time of writing. The bitcoin’s value reached over $3.6 billion when BTC price skyrocketed to it’s all-time high in March.

    However, with more than half sold and BTC price hovering around $55.8k, the total value of the BTC has dropped to $1.34 billion.

    Bitcoin price has declined more than 10% in the past week.

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  • Shiba Inu (SHIB/USD) whale buying intensifies but does price action show it?

    Shiba Inu (SHIB/USD) whale buying intensifies but does price action show it?

    • Shiba Inu is among the most purchased cryptocurrencies by Ethereum whales

    • The price action is still bearish despite a Shibarium update

    • SHIB could maintain the downtrend if new developments do not come up

    Meme cryptocurrency Shiba Inu (SHIB/USD) is again on Whale’s radar. According to Whalestats, Shiba Inu is among the most bought cryptocurrencies among Ethereum whales. The whale appetite has grown since the start of the year, and there is a reason. 

    A tweet on December 29 by Shiba Inu lead developer Shytoshi Kusama heightened speculations on Shibarium update. Shibarium will be a Layer-2 solution that will expand use cases for the Shiba Inu ecosystem. The update will see new features, including the Shiba Inu metaverse and blockchain games. These are expected to be game changers that will tilt Shiba Inu from its current meme label and make it competitive in Web3. 

    According to Kusama’s tweet, Shibarium could be on course to be launched “very soon.” The developer expressed optimism after meeting “the team from Unification UND about Shibarium.” As you already know, delays on the Shibarium update have been a thorn to SHIB. At the same time, frequent updates about Shibarium have failed to bear fruits in recent times. While the latest update is positive, speculators have expressed caution as the SHIB price remains weak. 

    Shiba Inu maintains a downtrend amid slight recoveries

    SHIB/USD Chart by TradingView

    The daily chart outlook shows SHIB is bearish, with SHIB maintaining a downtrend. The cryptocurrency is on a short term recovery, with the RSI shifting above the midpoint. SHIB is retesting a possible short-term resistance at $0.0000085. The price is already facing some rejection at the level, and a correction is imminent.

    SHIB concluding thoughts

    Shiba Inu is still bearish despite the increased whale accumulation. Potentially, the Shibarium update and whale accumulation are a bull trigger. However, investors would like to see the update happen after delays. As of the moment, investors would be better off watching the developments and buying SHIB on a confirmed bullish reversal.

    Where to buy SHIB

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy SHIB with eToro today

    Binance

    Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

    Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.


    Buy SHIB with Binance today

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  • Should you buy Shiba Inu (SHIB/USD) as whale accumulation intensifies?

    Should you buy Shiba Inu (SHIB/USD) as whale accumulation intensifies?

    • Shiba Inu has recovered 11% in a week.

    • Shiba Inu token has witnessed increased activity amid improving altcoin sentiment.

    • SHIB is still bearish and could remain vulnerable to $0.0000075.

    Shiba Inu (SHIB/USD) large investors are defiantly transacting the token against the prolonged bear market. November 28 WhaleStats data showed that SHIB was among the top 10 cryptocurrencies by trading volume among the biggest Ethereum whales. IntoTheBlock data also showed that large transactions on the Shiba Inu network had increased by 141% in the last 24 hours.

    A spike in trading volumes and transactions indicates traders are buying or selling SHIB aggressively. However, a price outlook of SHIB shows the cryptocurrency has gained an intraday of 2.24% and 11% in a week. It suggests that large investors could, in fact, be buying the meme cryptocurrency.

    The whale activity on Shiba Inu comes when Santiment data shows growing interest in altcoins. According to the data, Euphoric sentiment has hit a 3-month high for altcoins. As CoinJournal reported, Dogecoin was leading the surge on Musk news. The gains in SHIB reflect the improved sentiment, with the meme cryptocurrency known to follow DOGE moves.

    SHIB price outlook and analysis amid weekly recoveries

    SHIB/USD Chart by TradingView

    On the technical side, the SHIB price is still in a bear market. The MACD indicator has initiated a bullish crossover but remains bearish. The RSI reading of 45 is well below the midpoint.

    Besides, recent recoveries have taken SHIB to slightly above $0.000009. However, bulls are yet to recapture important levels. We consider a bearish view for SHIB in the short term.

    When to buy SHIB?

    SHIB price remains vulnerable as long as buyers do not recapture $0.000012. The level is the established resistance and a focal point for the SHIB trend pivot.

    Even as the price recovers slightly, the upside is weak, meaning sellers could try to push the token lower again. In a bear scenario, SHIB could find support at $0.0000075. This is the same low as June before the cryptocurrency initiated a recovery.

    Where to buy SHIB

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy SHIB with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy SHIB with Bitstamp today

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