The cryptocurrency market is on high alert as a potential storm brews. Genesis Trading, in a bid to return a massive $3 billion to customers, has initiated a huge asset transfer involving $2.958 billion worth of Bitcoin (BTC) and Ethereum (ETH), as revealed by on-chain analytics firm Lookonchain.
This unexpected move has sent shockwaves through the market, with many fearing a potential domino effect. Will this massive transfer trigger a market-wide sell-off? Read on to find out.
On August 2, 2024, Lookonchain reported on X (formerly Twitter) that Genesis Trading has shifted a significant 32,256 BTC, valued at $2.12 billion, and 256,775 ETH, worth $838 million, to various addresses over the past three days. This enormous transfer could shake the entire cryptocurrency market.
A similar scenario unfolded between June 12 and July 15, 2024, when Genesis transferred 13,291 BTC, worth $830.7 million, to Coinbase. This move triggered a substantial market reaction, causing Bitcoin’s price to plummet from $68,000 to $55,800—a drop of approximately 18%, as noted by Lookonchain. We might be on the verge of a repeat performance with this latest transfer.
At present, Bitcoin is trading around $63,200, having seen a slight 2% dip in the last hour. However, over the past 24 hours, it has experienced a modest 0.6% uptick. Trading volume during this period has surged by 17%, reflecting heightened trader and investor activity.
Technical analysis suggests a bearish outlook for BTC, which is hovering near a critical support level of $63,000. A failure to maintain this level could trigger a significant sell-off. Historical data indicates that if BTC closes a daily candle below $62,300, there’s a strong likelihood of the price dropping below $60,000 in the near future.
According to CoinGlass, the major liquidation levels are currently set at $62,500 on the lower side and $64,500 on the higher side. If BTC dips to $62,500, around $401 million in long positions could face liquidation. Conversely, a rise to $64,500 could result in the liquidation of approximately $720 million in short positions.
As the market navigates these shifting dynamics, all eyes will be on Bitcoin’s performance and Genesis’s next moves.
The crypto world is on edge. Will Genesis’s actions ignite a market meltdown?
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