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Massive USDC Transfer to Coinbase May Trigger a Significant Wave Within the CryptoMarkets Soon!

Author: Sahana Vibhute

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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  • Whales appear to be preparing as the attractive USDC transfers have knocked the exchanges in the last few hours

  • While the FOMC FUD is expected to kick-in, the whales now seem to be preparing to accumulate more at discounted prices

The crypto space attempted to rise high after a brief consolidation, but FOMC fear appears to have reinstalled strength within the bears. The global market capitalization has not changed significantly; it is still circling around $922 billion. The levels are anticipated to fall sharply in the near future, giving market participants the chance to stock up at reduced prices. 

A couple of sizable transfers caused a lot of noise, suggesting that the whales may be getting ready for the potential price drop. As per a new update, more than 268.3 million USDC was transferred from an unknown wallet to the Coinbase Exchange.

The markets are slowly turning green as Bitcoin prices are trying hard to rise beyond $19,200 and maintain a firm upswing. However, some market participants now believe the asset may witness a short-term bounce beyond $19,500 that may further fuel a price surge beyond crucial resistance at $20,800. Moreover, some analysts believe the prices may even rise as high as $21,000 too. 

However, these transfers are assumed to induce significant volatility within the crypto space that may uplift the BTC price beyond the crucial resistance. Meanwhile, the bounce is also expected to be a minor one that may trap the bears above $20,000 yet again.

Therefore, as the year 2022 began with a bearish influence, a similar end may be expected for the Bitcoin(BTC) price. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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