Main sales revenue? Genesis BTC and ETH move $3 billion
With this ongoing selling pressure, the entire cryptocurrency market is likely to experience a massive selloff. Today, to return a massive $3 billion worth of assets to customers, Genesis recently transferred a whopping $2.958 billion worth of Bitcoin (BTC) and Ethereum (ETH), according to on-chain analytics firm Lookonchain.
Genesis moves $3 billion in BTC and ETH
Today, August 2, 2024, Lookonchain made a post on X (formerly Twitter) saying that Genesis Trading has transferred 32,256 Bitcoins (BTC) and 256,775 Ethereum (ETH) worth $2.12 billion and 256,775 Ethereum (ETH) to more Addresses moved in the last 3 days. This massive asset transfer could have an impact on the entire cryptocurrency market.
Earlier, between June 12 and July 15, 2024, Genesis Trading transferred 13,291 BTC worth $830.7 million to Coinbase, which had a significant impact on the market, and the price of BTC dropped from $68,000 to $55,800. As shared by Loonchain, this huge price reduction was about 18%. However, this time around we see a similar price drop.
Bitcoin price-performance analysis
As of now, BTC is trading near $63,200 and has experienced a price drop of nearly 2% in the last hour. However, in the last 24 hours, it has shown a 0.6% higher rate. Meanwhile, transaction volume increased by 17 percent; This increased the participation of traders and investors.
Bitcoin technical analysis and key levels
According to expert technical analysis, BTC looks bullish and is currently at a critical support level near $63,000. If BTC fails to maintain this level, we will see a major sell-off.
Based on historical data and price momentum, if BTC gives a closing candle below the $62,300 level on a daily basis, there is a high probability that the price of BTC will drop below $60,000 or more in the coming days.
Currently, the main liquidity levels are at $62,500 on the low side and $64,500 on the high side, according to on-chain analytics company CoinGlass.
If the market sentiment does not change and BTC falls to the $62,500 level, about $401 million of the long position will be lost. On the contrary, if the market sentiment changes and the price of BTC rises to the $64,500 level, about $720 million of short-term positions will be eliminated.
