Bitcoin (BTC) has experienced a downward trend in the past week, dropping below the key $60,000 threshold as whale activity intensifies.
In the last 24 hours, BTC has fallen by 8% and is currently trading at around $56,990, a level not seen since late February. This decline has caused Bitcoin’s market cap to dip below $1.13 trillion. However, daily trading volume has surged by 70%, exceeding $45 billion.
Data from Santiment reveals that whale transactions involving at least $100,000 worth of BTC have increased by 60% since April 28, reaching 12,735 unique daily transactions.
Furthermore, the amount of Bitcoin held on exchanges has risen from 811,810 BTC to 821,740 BTC in the past 24 hours. This uptick suggests that some Bitcoin holders may be considering selling their assets due to fear, uncertainty, and doubt prevailing in the crypto market.
A recent report from BitMEX has raised concerns about an unidentified entity controlling 47% of the global Bitcoin mining hashrate, posing risks of centralization to the network.
Meanwhile, the BTC Relative Strength Index (RSI) has dropped from 52 to 40, indicating that Bitcoin may be undervalued at its current price. The increased whale activity could potentially lead to higher price volatility for the asset.
In other news, ‘Bitcoin Jesus’ Roger Ver has been arrested on charges of $50 million tax fraud.