Today’s Cryptocurrenices analysis on behalf of Samer Hasn Market Analyst and part of the Research Team at XS.com
Cryptocurrency market witnessed some stability today and over the past weekend, after the declines we witnessed last Friday. Bitcoin and Ethereum are stable near the $26,000 and $1,640 levels, respectively, today.
While the state of anticipation and caution continues in the markets, with more huge transfers recorded between digital wallets over the weekend, this is a continuation of a series of transfers during the past week as well, and this time with the spotlight on the SBIB and XRP tokens.
According to data provided by Whale Alert, a huge transfer from one anonymous wallet to another amounting to the equivalent of $213 million in XRP was recorded last Saturday, after a series of relatively large transfers that we saw over the past week exceeding hundreds of millions of dollars in value. On the same date, a relatively large amount of SHIB, equivalent to $37 million, was transferred from the Bitvavo exchange to an anonymous wallet. Also, a transfer of $59 million worth of Ethereum was observed from an anonymous wallet to Coinbase.
Although the reasons behind the series of huge transfers that we are witnessing in the cryptocurrency market are not yet completely clear, I believe that they may continue to fuel a state of anticipation and caution in the markets, especially since these transfers come amid weak sentiment among market participants, with the continuing battle in the judicial arena in the United States. It also comes after a number of judicial and regulatory actions that came for the first time in the market of non-refundable tokens (NFTs) and decentralized financial applications (DeFi), which we also witnessed recently. This may leave the markets in a state of anticipation until the features of the regulatory environment in the United States for the cryptocurrency market become clear.