|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
BlockTower Capital Reshuffles Its Crypto Portfolio, Offloads $2.48M Worth of MKR Crypto and Buys $2.38M Worth of EIGEN Tokens
Oct 11, 2024 at 10:19 pm
BlockTower Capital has offloaded 1,815 the Maker (MKR) crypto worth $2.48 Million. AVALON traded 653,000 EIGEN tokens for $2,385,000 in this transaction, which Galaxy Digital (wallet address) completed.
BlockTower Shifts Assets: Sells MKR, Buys EIGEN Tokens
BlockTower Capital, a renowned cryptocurrency hedge fund, has executed a substantial transaction involving the Maker (MKR) crypto and EIGEN (EIGEN) tokens.
BlockTower sold 1,815 MKR tokens for a total value of $2.48 million, according to on-chain data. Galaxy Digital (wallet address: 0xAbe7E7aeCc560F34Fbf37845FEa3db9C499B29E5) completed this transaction.
The hedge fund then acquired 653,000 EIGEN tokens, which were transferred to BlockTower by Wintermute. This transaction was valued at $2,385,000.
BlockTower Capital is among the top market participants whose actions largely dictate the market’s volatility. This is due to the massive scale at which the firm’s trades occur.
Moreover, the rapid shifts in market participants’ holdings, as seen in this transaction, highlight the fast-paced nature of the cryptocurrency market.
After a BlockTower affiliate sold a large quantity of Maker crypto to Galaxy Digital, the digital asset experienced a price decline. However, buyers attempted to regain control.
This transaction is particularly significant as it coincides with the prevailing bearish sentiment in the market. This leads to fluctuations in price levels and an inability to stabilize during sell signals.
At the time of writing, the Maker price was $1,365.42, showing a slight increase from the intraday low but still facing heavy bear pressure.
The technical indicators show a death crossover between the MACD and the signal line. The histograms have turned red, which could help initiate selling pressure. Maker Protocol’s price has slipped below the 20-day EMA, indicating a bearish outlook.
The Maker crypto price is expected to find support at the $1250.00 level. However, if the bears remain strong, this level could be breached easily, leading to a prolonged period of seller dominance.
On a daily time frame, the Maker price has formed a falling wedge pattern. If the digital asset price triggers a breakout from the wedge, it could attract buyers.
Suppose the trading volume increases during the breakout; a loss of recovery momentum can be observed.
The RSI has shown a bullish divergence, and the price has reached the critical breakout level. This bullish divergence might aid in the breakout. Strong buying pressure can be expected if the price crosses the 200-day EMA.
Market participants have shown a heightened response to this whale activity, evident in higher volumes of trading activity as they anticipate further developments on this front.
Such large transactions contribute significantly to the overall market volatility as the market adjusts to these massive capital flows.
In the case of the Maker crypto, the trading volume is still substantially higher than the day before the transaction, indicating continued activity following such an event.
BlockTower Capital is one of several closely watched firms that bear the brunt of logical market signals. This specific interaction between MKR and EIGEN tokens might be utilized by other whales or institutions in the future to navigate the playing field.
This type of trade helps boost the financial market and gain market share. Investors and market analysts can follow the consequences of future shifts in the crypto market.
The behavior of other participants in the global market, such as individual traders, fund managers, and companies that invest in these markets, will be crucial to the Maker’s price future. It also includes their response to the signals present in the global markets.
The views and opinions expressed by the author or any people mentioned in this article are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptocurrency or stock comes with a risk of financial loss.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Market Insider Known for Accurate Predictions Reveals the Best Cryptocurrency to Turn $1,000 Into $25,000 in the Next 2 Months
- Oct 12, 2024 at 02:25 am
- An industry expert renowned for precise forecasts has pinpointed a cryptocurrency set for remarkable growth. This digital asset could transform a $1,000 stake into $25,000 within the next two months. Such an opportunity might be rare, and understanding this insider’s choice could be key to significant returns
-
- CARV Launches Its New $CARV Token, a Crucial Step in Its Strategy to Transform Data Management and Monetization in the Gaming and Artificial Intelligence Industries
- Oct 12, 2024 at 02:25 am
- This token, built on the Base network, an Ethereum Layer 2 solution, is now available on eight major exchanges, including Bybit, KuCoin, and Bitget.
-
- Bitcoin’s Bullish Outlook As Liquidity Influx Looms
- Oct 12, 2024 at 02:25 am
- Cryptocurrency bull cycle still in progress