In the cryptocurrency market, a whale’s every move is often closely watched by investors and traders because it is also a signal of underlying price movements. On March 11, the CryptoQuant channel reported that the Coinbase exchange had seen major movements in Bitcoin, indicating the presence of whales. Currently, there is more buying pressure on Coinbase than on Binance, leading to an increase in the Coinbase Premium Gap (CPG) metric. Thus, the CPG metric measures the difference between the spot price of Bitcoin on two exchanges, with a higher CPG indicating greater buying pressure on Coinbase.
whale movement #Coinbase Trading Signals Potential Bitcoin Market Shift @azcoinnews https://t.co/yaktUQ7ZAq
— Kyptos (@azcoinnews) March 13, 2023
According to the CryptoQuant channel, these movements may be the result of whale activity. If the whales intend to keep the market higher for a while, the Bitcoin price will not break out of the $19,500 area where the CPG started to move.
The news caught the attention of many in the crypto community, as the movements of the whales can have a major impact on the market. Investors and traders will be watching the market closely in the coming days to see if this whale activity leads to any major moves in bitcoin prices.
Alongside the news, CryptoQuant also reported that USDC’s volatility pushed Bitcoin’s Coinbase premium to 3-year highs. This further highlights the impact of stablecoins on the crypto market, as their volatility can have spillover effects on the prices of other cryptocurrencies.
Overall, whale movements on the Coinbase exchange are being closely watched by the crypto community and could herald further market moves in the coming days. Investors and traders need to stay vigilant and watch the market closely to see how this situation will play out.
BitMEX Co-Founder Predicts Bull Run
Arthur Hayes, the co-founder of BitMEX, recently shared his positive view on the crypto market, stating that it is poised to enter bullish mode following the recent turmoil caused by SVB liquidations and USDC price drops. Although the market is experiencing high levels of volatility, Hayes believes there could be a sustained rally after cryptocurrency prices correct.
Co-Founder Arthur Hayes Predicts Crypto Bull Run @cryptohayes https://t.co/ETT2GE6t6L
— Kyptos (@azcoinnews) March 13, 2023
In one of the latest tweets, Hayes said: “Are you ready for the goddamn bull market?” In a recent interview about Crypto Banter, Hayes weighed in, comparing it to the 2008 financial crisis, And question whether the banking system is on the brink of collapse. other or not. According to Hayes, Bitcoin and other risk-on assets are expected to undergo a major correction in the near future as a large amount of liquidity exits the market.
Arthur Hayes, Co-Founder, BitMEX
Despite warning of an imminent correction, Hayes remains bullish on the long-term prospects of the crypto market. He believes the market will continue to grow and mature as more institutional investors enter the space and regulatory transparency improves.
Hayes’ bullish outlook joins many others in the crypto industry who view the recent market turmoil as a temporary setback. As the market continues to develop and mature, we may see more volatility, but the long-term trend is likely to be positive.
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mango
according to Kyptos
