These altcoins are going to pump because of Bitcoin whales

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  • A post on the San­ti­ment Com­mu­ni­ty plat­form titled “The Pump Hunter’s Guide: How to spot and prof­it from arti­fi­cial­ly inflat­ed cryp­to prices” explains how Bit­coin, Ethereum, and Lite­coin whales could impact upcom­ing price levels.
  • Oth­er experts have refused to link Bitcoin’s cur­rent ral­ly to the delib­er­ate activ­i­ties of whales.

Most cryp­tocur­ren­cies broke through mul­ti­ple resis­tance lev­els to record some inter­est­ing feats this month with Bit­coin climb­ing above $21k for the first time since Novem­ber last year. Short­ly, the asset fell mar­gin­al­ly as sen­ti­ments hit neu­tral. Accord­ing to the lat­est mar­ket data, Bitcoin’s cur­rent sen­ti­ment has reached “bull­ish” with the price trad­ing a lit­tle above $23k. This is a 9.5 per­cent increase in the last sev­en days. 

Ethereum is also enjoy­ing a bull­ish sen­ti­ment with a trad­ing price of $1,635 and a week­ly surge of 4.7 per­cent. Almost all the top alt­coins are in green includ­ing Solana which almost crashed after the col­lapse of the FTX empire. The asset is cur­rent­ly trad­ing at $24, and investors have made a week­ly gain of 5.6 per­cent. Regard­less, the ques­tion of whether this is a break­out or a fake­out remains with­in the minds of investors. 

A post on the Sen­ti­ment Com­mu­ni­ty plat­form Ethereum “The Pump Hunter’s Guide: How to spot and prof­it from arti­fi­cial­ly inflat­ed cryp­to prices” explains how Bit­coin, Ethereum, and Lite­coin whales could impact upcom­ing price lev­els. Accord­ing to the post, the cryp­to com­mu­ni­ty is large­ly aware of the recent mar­ket trend of arti­fi­cial­ly inflat­ing prices called “pump”. San­ti­ment is a mar­ket intel­li­gence platform. 

Bitcoin investment could go bad

The fact that the mar­ket could expe­ri­ence a down­turn a few days after a pump does not make its invest­ment recommendable. 

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Such oper­a­tions usu­al­ly go unno­ticed unless the whales or large hold­ers who are usu­al­ly behind this begin to sell their posi­tions. The post fur­ther states that this has been the sit­u­a­tion for Bit­coin, Ethereum, and Lite­coin which ends up push­ing alt­coins like Solana, Car­dano, Doge­coin, etc up the price curve. While many investors are jump­ing onto a mov­ing train to take advan­tage of the mini ral­ly in the mar­ket, the post advis­es that this could be dangerous.

It is advised to be cau­tious and wait for bet­ter oppor­tu­ni­ties in the mar­ket rather than jump­ing into a poten­tial­ly unsta­ble invest­ment. Stay safe.

Oth­er experts have refused to link Bitcoin’s cur­rent ral­ly to the delib­er­ate activ­i­ties of whales. Accord­ing to them, the price is react­ing to the Bureau of Labor Sta­tis­tics (BLS) CPI report which dis­clos­es that the over­all infla­tion of urban con­sumers is declin­ing by 0.1 per­cent. This is said to be the largest drop since April 2020. It is expect­ed that this data could trig­ger a less harsh Fed­er­al Reserve inter­est rate hike at the Fed­er­al Open Mar­ket Com­mit­tee meet­ing expect­ed to occur on Feb­ru­ary 1. 

Gov­er­nor Christo­pher Waller gave a hint:

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Based on the data in hand at this moment, there appears to be a lit­tle tur­bu­lence ahead, so I cur­rent­ly favor a 25-basis point increase at the FOMC’s next meet­ing at the end of this month.

The cool­ing US dol­lar Index (DXY) has also been said to be a huge boost for Bit­coin. Ana­lysts have observed that sen­ti­ments for Bit­coin increase when­ev­er DXY retracts. Also, Bit­coin and major stock indices share a cor­re­la­tion coef­fi­cient. In this case, Bit­coin could surge with the bull­ish equi­ties mar­kets if the inter­est rate is favorable. 

Cryp­to News Flash does not endorse and is not respon­si­ble for or liable for any con­tent, accu­ra­cy, qual­i­ty, adver­tis­ing, prod­ucts, or oth­er mate­ri­als on this page. Read­ers should do their own research before tak­ing any actions relat­ed to cryp­tocur­ren­cies. Cryp­to News Flash is not respon­si­ble, direct­ly or indi­rect­ly, for any dam­age or loss caused or alleged to be caused by or in con­nec­tion with the use of or reliance on any con­tent, goods, or ser­vices mentioned.



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