Massive USDC Transfer to Coinbase May Trigger a Significant Wave Within the CryptoMarkets Soon!
Sahana Vibhute12 Oct 20221 min read
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.
