In a period of holidays, the cryptocurrency industry refused to take a day off. Strong market performance of Bitcoin (BTC) and some other high-profile alt coins such as Ether (ETH,) was offset by the legal action against Ripple by the US Securities and Exchange Commission. In response, a number of prominent trading platforms, including Coinbase, Crypto.com and FalconX, responded by halting trading or deposits of the XRP token.
The latest findings from Santiment, published in Cointelegraph Consulting’s bi-weekly newsletter, indicate that the balance of dormant BTC wallets has become more active over a 365-day period. Between December 13 and 20, more than 146,620 BTC (~ $ 3.9 billion at the time of writing) that matched this description moved on the blockchain, marking the highest weekly volume since July 2019.
These long-term investors tend to trade based on extensive analysis or deep market knowledge, and therefore intense spikes in dormant Bitcoin are more indicative of greater shifts in market conditions and interim price volatility.
Still, with Coinbase’s high-profile IPO around the corner, and institutional purchases are high, so it is not unreasonable to expect conditions to remain positive into 2021. Many investors pondered the possibility of a $ 2.3 Christmas dump. billion in Bitcoin. option contracts would expire, the largest ever in one day. With that event in the rearview mirror, many investors are now optimistic that the momentum from 2020 will continue into the new year.
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