A Bitcoin whale on the popular cryptocurrency margin trading platform Bitfinex who just weeks ago was underwater to the tune of $25 million, is now topping the exchange’s leaderboards with nearly $7 million in unrealized profit.
Bitfinex Whale Comes Out From Underwater, $7 Million in Profit
Bitcoin price has been in a downtrend since June 2019, but yesterday’s surprise rally may have put an end to months of decline and could send the leading cryptocurrency by market cap back on an upward trajectory.
Yesterday, the cryptocurrency pumped to $8,000 before cooling off and consolidating slightly lower around $7850. The crypto asset was able to take out weekly resistance at $7,500, and a close above it on Sunday could give bullish traders confidence for more upside in the coming weeks.
Related Reading | Bitcoin Price RSI Breakout Could Target $9K Short-Term
The pump also pushed a lone Bitfinex whale into profit, after spending weeks at as much as $25 million underwater. Following the surge in Bitcoin price, the whale’s large, underwater positions are now valued at nearly $7 million in unrealized profit and loss.
The fact that the whale hasn’t closed his long positions, suggests that they are expecting more upside in Bitcoin to follow.
Because Bitfinex is a margin trading platform, had the price of Bitcoin continued to fall, the whale’s positions could be put in jeopardy of being liquidated. However, Bitfinex offers lower levels of margin to traders than BitMEX’s 100x, so the price would likely have to go extremely low in order to cause the liquidation of the whale’s long positions. Either that or our whale was grossly mismanaging his margin.
This explains why the trader was able to go as far as $25 million underwater. Until a trader is liquidated or closes out positions, profit and loss remain unrealized. It’s not until the trade is closed until any losses or profits become realized.
The whale used this to their advantage, and let their positions go underwater and waited to Bitcoin to do what it does best.
What Can Be Learned From the Bitcoin Whale?
The Bitfinex whale, known as Joe007, has become a popular figure in the cryptocurrency community. Not only has he enjoyed fanfare for his bold trading tactics, driving Bitfinex longs to the highest the metric has ever been, but many believe the whale could be in part responsible for pushing Bitcoin out of the depths of the downtrend.
Related Reading | Crypto Comeback: After Two Years of Bear Market, Bitcoin And Ethereum May Be Ready To Rebound
Crypto analysts applaud the fact they now can monitor and gather insights from a real-world cryptocurrency whale, offering a unique take on the market, sentiment, assets, and more. The post appeared first on NewsBTC. origin »
Ark Invest CEO Cathie Wood reiterated her bullish outlook on Bitcoin (BTC), predicting that it will soar past $1 million by the end of the decade. She made the prediction during a Bloomberg Markets interview, in which she attributed Bitcoin’s rising value to its finite supply of 21 million coins and growing institutional interest.
Remixpoint’s latest Bitcoin purchase of $1.38 million boosts its total crypto holdings to a market value of $34.3 million, reflecting a profit of nearly $6.72 million. Japan‘s energy and automotive business consulting company Remixpoint has acquired an additional Bitcoin (BTC)…
Semler Scientific has continued its strategy of purchasing Bitcoin for its corporate treasury, scooping up an additional 303 BTC for an aggregate cost of $29.3 million.
Rumble’s $20 million Bitcoin treasury strategy signals a bold shift toward crypto innovation. Alongside a $20 million deal with Dr. Disrespect, the platform aims to bridge crypto, gaming, and video-sharing for growth.
Bhutan, a Himalayan nation with fewer than 1 million people, has triggered speculation after moving $66 million worth of its Bitcoin stash to crypto exchange Binance.
El Salvador’s President Nayib Bukele revealed that the country has gained about $265 million after adopting Bitcoin as a reserve asset and legal tender. Bukele shared that El Salvador has invested $135 million in Bitcoin, which has since grown to $400 million in the public wallet alone.
The cryptocurrency market experienced a significant downturn, with Bitcoin and Ethereum plummeting to lows of $58,034 and $2,392, respectively. This resulted in a staggering $313 million in liquidations across the network, with long orders accounting for $282 million and short orders totaling $31.
Bitcoin's brief rally was crushed, falling from $65,000 to below $61,000, causing $290 million in liquidations. Market sentiment soured with external pressures, including Genesis Trading's massive transfers.
The Bitcoin market is experiencing massive liquidations, reaching $56 million. Investors are seeing their portfolios shrink rapidly. This turmoil has spurred a search for safer investment options.
Bitlayer, a Bitcoin layer-2 network, has raised a total of $16 million, including $11 million in its Series A funding round at a $300 million valuation, according to a July 23 statement shared with CryptoSlate.
CoinShares’ latest weekly report highlighted a notable shift in crypto investment products, with the sector experiencing its most significant outflows in three months. Last week, investors pulled $600 million from the market, with Bitcoin products bearing the brunt, facing $621 million in outflows.
MicroStrategy, a leading American business intelligence and analytics company, has unveiled plans to buy Bitcoin once again. The AI-powered firm upsized its initial $500 million offerings on convertible notes to $700 million, intending to use the proceeds to acquire an equivalent amount of Bitcoin.
MicroStrategy plans to boost its Bitcoin reserves via a $500 million convertible senior notes offering, potentially raising $575 million.
The post MicroStrategy Plans to Buy More Bitcoin With $500 Million Bond Sale appeared first on BeInCrypto.
In a notable development, two dormant Bitcoin wallets, untouched for over a decade, have suddenly come to life, transferring a staggering $60 million in Bitcoin (BTC).
Bitcoin collateral for Ethena’s USDe synthetic dollar has exceeded $500 million less than a week after its introduction. The platform’s website data showed approximately $537 million in Bitcoin reserves across various exchanges such as Binance, OKX, and Deribit.
Bitcoin's sharp drop sparks over $500 million in liquidations. Crypto analyst warns of potential further declines and a broader market correction.
The post Bitcoin (BTC) Dips Below $67,000, Triggers $500 Million in Liquidations appeared first on BeInCrypto.
Roman Sterlingov, the founder of long-running cryptocurrency mixer Bitcoin Fog, was convicted by a federal jury in Washington on Tuesday of facilitating the laundering of over 1.2 million bitcoins – worth about $860 million at today’s prices – tied to darknet marketplaces.
Adding to the bullish momentum, MicroStrategy, the business intelligence company best known for its relentless commitment to stockpiling the benchmark crypto has raised its convertible debt offering to $700 million from $600 million as part of a move to acquire more BTC and boost its cache even further.
Cryptocurrency traders liquidated almost $193 million over the past 24 hours as Bitcoin hit a 20-month high. According to Coinglass data, traders closed orders worth $74 million for Bitcoin (BTC) and $29 million for Ether (ETH), with several alt-coins also…
Bitcoin's recent rally near $40,000 left short sellers with losses of more than $100 million.
The post Bitcoin Triggers Over $110 Million in Liquidations After Bullish Breakout appeared first on BeInCrypto.
On Nov. 9, Bitcoin passed the $36,000 mark. The volume of liquidations on futures in the crypto-asset market increased to around $186.6 million. In the last 24 hours, 57,903 traders’ positions were liquidated, totaling more than $186.6 million, according to CoinGlass.…
Last month, Ahmad Wagaafe Hared, a young hacker based in the United States, was ordered to forfeit approximately $5. 2 million worth of Bitcoin (BTC), Stellar (XLM), and a BMW sports car to the government.
The Wall Street Journal (WSJ) recently highlighted that Elon Musk’s SpaceX wrote down $373 million worth of Bitcoin (BTC) from 2021 to 2022. This is speculated to be the cause of the recent $2000+ crash in the price of BTC.
Hut 8 posted revenue of $14. 3 million (19. 2 Canadian Dollars), which had fallen $18. 3 million during the quarter compared to Q1, 2023. The company mined 399 Bitcoin (BTC) but sold a total of 396 BTC for $10.
Bitcoin price fell to lows of $29,000 across major exchanges as liquidations rose 203% in 24 hours. Total rekt positions was more than $150 million, with $124 million being longs. The volatility saw over 50,000 traders liquidated in the past 24 hours.
A total of 24,677 BRC-20 tokens minted with a market cap of $447 million.
The total number of Ordinals inscriptions broke past 9 million at the time of writing.
May of 2023 proved to be a reThe post Bitcoin to launch its first USD-pegged stablecoin, details here appeared first on AMBCrypto.
Bitcoin’s (BTC) brief jump toward $30,000 led to more than $106 million in liquidations for short traders in the last 24 hours, according to Coinglass data. The overall crypto market saw $173 million in liquidation during the period, mostly from traders holding short positions against BTC and other cryptocurrencies.
Former a16z partner and Coinbase CTO Balaji Srinivasan has caused controversy by publicly claiming he would bet $1 million that bitcoin will reach $1 million within 90 days, prompting criticism from experts such as Nassim Nicholas Taleb
Bitcoin saw its biggest long squeeze in four months at the start of the trading day in Hong Kong today, which briefly sent the price below $22,000. Within the last 24 hours, a total of over $73 million in longs were liquidated, and over $200 million in the entire crypto market.
Bitcoin products saw $25 million in outflows last week, according to asset manager CoinShares. There was $3. 7 million in short Bitcoin as investor sentiment flipped negative on recent regulatory concerns.
Roger Ver apparently owes Genesis $20 million. He was previously accused by crypto exchange CoinFLEX of defaulting on a $47 million obligation. Bitcoin Jesus Loves Leverage 2022 must have been...
The company still holds a large treasury and ramped up its infrastructure through a $14 million bitcoin sale and dumping over 30 million shares onto the market.
El Salvador’s Bitcoin (BTC) investment is performing poorly, with the value of the more than 2,000 units it holds falling by about $40 million.
The post El Salvador’s over $100 million Bitcoin purchase is now worth $66 million appeared first on CryptoSlate.
Bitcoin passed a historic benchmark on Friday with the issuance of 19 million coins. This means that there are only 2 million coins remaining for anyone interested in taking ownership of the most sought-after digital asset in the world.
Bitcoin is known for its deflationary nature. Its supply has a hard limit of 21 million coins. Therefore, the creation of a new Bitcoin is unlikely after the year 2140.
Notably, since its inceptionThe post Decoding what '19 million BTC in circulation' means for investors appeared first on AMBCrypto.
DePIN io. net has introduced Co-Staking, a new feature that allows network users to share block rewards by staking their $IO tokens. The Co-Staking Marketplace connects token holders with suppliers, enabling broader participation in validation without the need to operate hardware.
On-chain analytics firm, Nansen recently announced a partnership with Viction, a people-focused Layer-1 blockchain, to enhance analytics capabilities within the Viction ecosystem. The collaboration seeks to provide investors and developers with tools to maximize the benefits of building on the Viction platform.
The best meme coins are cryptocurrencies that began as jokes but now gained massive popularity, community, and some real-world value. Today, many new coins hitting the crypto world, and finding
The post 10 Best Meme Coins To Buy Now That Will Explode In 2025 appeared first on CryptoNinjas.
Lawmakers in Maryland, Iowa, and Kentucky have introduced legislation proposing the creation of Bitcoin (BTC) strategic reserves in their respective states. The latest bills bring the number of US states considering Bitcoin reserves to 17.
Blockchain technology is revolutionizing industries such as financial markets, global trade, insurance, and gaming, with the potential to bring hundreds of trillions of dollars worth of assets onchain.
The VIRTUAL price rose to highs of $2. 45 after Upbit, Korea’s largest exchange, announced trading support. Upbit planned to add VIRTUAL pairs against Korean Won, BTC and USDT. Virtuals Protocol is also among tokens in Injective’s AI index AIX.
Securitize and Apollo have teamed up to launch a diversified credit fund. The Apollo Diversified Credit Securitize Fund, ACRED, goes live on Aptos, Avalanche, Ethereum, and Solana blockchains. Tokenization platform Securitize has partnered with $730 billion alternative asset manager Apollo to bring a new tokenized credit fund on-chain.