Crypto Market Overview – September 24th, 2021

 

BTC Price Symmetrical To Chinese Debt Pools: Fresh Research From Material Scientist

Bitcoin is open to new all-time highs, according to new research by analyst guru Material Scientist, but it could just be another bubble as the highs of its previous cycles almost completely coincided with the highs of China's debt cycles. Cointelegraph reports. It is noteworthy that this correlation indirectly proves the absence of any influence of halving on the price of BTC. Bitcoin whales are supposed to sell their assets after each peak in China's debt cycle, and April 2021, like current events with Evergrande, was no exception. Renowned investor and Chinese economic policy researcher Ray Dalio also supports this concept: “So, what if the BTC halving narrative is BS, and it’s really just about Chinese debt cycles, too.” — said expert. If the relationship between Chinese events and the cryptocurrency market is not indirect, analysts suggest that given the current low, the chances of a rebound in Bitcoin's price trend seem even higher than previously thought.

Third Largest Bitcoin Whale Buys $18 Million Worth of Crypto Gold Again

One of the largest market whales added another 408 BTC (about $18 million) to its holdings, increasing its total supply to 112,000 coins (approximately $4.9 billion), of which 3,889 (worth $170 million) were purchased in the last two weeks. Cryptopotato reports. It looks like the trader's appetite is growing contrary to market behavior, since his previous large purchase of 321 BTC took place only a day earlier. Then the whale purchased the coin at an average price of $40,500, and that price tag was less than $1,000 above the daily low of about $39,600. According to market analysts, it was this whale that was almost the most active buyer and seller on large movements in the price of cryptogold. Back in April, when the cryptocurrency rate exceeded $60,000, he promptly sold significant parts of all his assets. But as soon as the value of Bitcoin fell and rolled back below $30,000, the investor resumed his purchases. In fact, he acquired about $170 million worth of BTC since the fall from $53,000 to less than $40,000. This behavior of the whale could signal an imminent reversal of Bitcoin's trend and possible bullish momentum.

Scammers Hacked Bitcoin.org and Fraudulently Attracted Users Investments

The oldest crypto site Bitcoin.org, created in 2008 and not related to the Bitcoin Foundation, was hacked on Thursday by scammers who suggested that users transfer their savings to a wallet using a QR code and receive double the amount in return. Decrypt reports. Upon entering the site, a pop-up appeared stating that "the Bitcoin Foundation is giving back to the community" as a gesture of goodwill wants to "support the users who have helped us along the years." At the same time, the rest of the site's functionality was limited, so users could not ignore the message. According to preliminary data, a total of 9 transactions worth 0.40571238 BTC (about $17,800 at current prices) were carried out to the specified address, with some Twitter users suggesting that these could be internal transactions of scammers, creating the illusion of legitimate activity. The crypto community reacted quickly to the incident, and Twitter was instantly flooded with numerous warning messages. However, it has not yet been possible to detect the trail of the intruders. Bitcoin.org responded to the incident just a couple of hours later, confirming that the website had been hacked and stating that the incident was being investigated.

Published: 2021-09-24