Binance exchange bought over 100k Bitcoin at $19,176 per coin this weekend, and shortly after that the Bitcoin price retested the $20k level.
After hitting approximately $20,100 the Bitcoin price then retraced however. Some traders are bearish as $20k may have just become a resistance level, and others are bullish after this Binance news and the 14% pump off the lows – Bitcoin dropped as far as $17,600 yesterday.
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Binance Bitcoin Wallet
Bit Info Charts is one of several crypto wallet tracking websites that tracks Bitcoin transactions, including those linked to the Binance cold wallet. Find the chart above at bitinfocharts.com.
101,266 BTC were purchased on Saturday June 18th at a Bitcoin price of $19,176 – a Bitcoin buy of $1.94 billion.
Zooming in on the chart above on the Bit Info Charts website, the value of that Bitcoin purchase as of today the 19th has increased to $1.99 billion now that Bitcoin is trading closer to $19,500.
Whether this is just a short squeeze and a dead cat bounce before further continuation to the downside, will become clearer next week after Monday. This weekend is a long weekend with Monday being a holiday in the US for Juneteenth, so US markets will be closed.
Binance CEO tweet
Some traders will be waiting on the sidelines to see where the weekly candle closes. Some notable names on crypto Twitter are already calling a bottom, while others predict Bitcoin will crash as low as $14,000 – retail investors might consider dollar cost averaging into a position rather than attempting to trade volatile weekend price action.
Binance however appears bullish in the long term – also stating that they are hiring new staff, unlike other crypto exchanges and firms such as Coinbase and BlockFi which have been laying off employees. Kraken exchange are also opening up new positions, announcing a global hiring push.
Update – CZ Binance clarified on Twitter that this cold wallet update is not necessarily an indication that Binance exchange themselves purchased that amount of Bitcoin.
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