Despite the latest Bitcoin dip to below $20,000, which caused markets to decline, large Bitcoin investors continue to amass. Up to 6,000 BTC were transmitted in two transactions from undisclosed wallets to the cryptocurrency exchange Binance, according to Whale Alert. A 999 BTC move was made, but it was immediately followed by a large 4,999 BTC move from a different wallet address.

BITCOIN BULL RUN

Nonetheless, the recent downturn has provided some significant investors with the chance to “buy the dip.” Another transaction of this kind included sending up to 11,125 Bitcoin to Binance.

According to a crypto analytics company called Santiment, two sizable investor cohorts have been buying up Bitcoin even though its price dropped below $20,000 last week.

“Bitcoin sharks and whales don’t appear to be to blame for crypto’s rough week. In fact, addresses holding 10 to 10,000 BTC have collectively accumulated $821.5 million back during this mid-sized crash. Crypto’s correlation with equities is what to watch.”

The activities of whales in the cryptocurrency market can sometimes provide important information about future price movements.

It would appear that the buying pressure from these whales has eventually had a positive impact on the coin because the asset’s price has experienced some significant upward movement in the most recent day.

The next Bitcoin halving event is expected to take place in 2024, cutting the Bitcoin miner’s reward to 3.125 BTC per block. After the fourth halving, 96.875% of the Bitcoin will be mined. The last BTC halving which took place in the year 2020 sky rocked its price by more than 556% within a year’s time.

Wherefore, the bitcoin price could surge to a maximum of $43,959.19 by the end of 2023 taking the current market pattern into consideration.

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Crypto conglomerate Digital Currency Group (DCG) is trying to find new banking partners for its holding company following the collapse of Silicon Valley Bank (SVB), Signature Bank (SBNY) and Silvergate (SI), as information viewed by CoinDesk. Santander (SAN), HSBC (HSBA), Deutsche Bank (DB), BankProv, Bridge Bank, Mercury, Multis and Series Financial are still ready to join the crypto industry, according to posts.

DCG’s efforts follow the banking collapse in the United States, which left many crypto and technology startups looking for new banking partners. Consensus 2023 logo Join the most important discussion about crypto at Web3 happening in Austin, TX April 26-28. Crypto conglomerate Digital Currency Group (DCG) is trying to find new banking partners for its holding company following the collapse of Silicon Valley Bank (SVB), Signature Bank (SBNY) and Silvergate (SI), as information found by CoinDesk. Santander (SAN), HSBC (HSBA), Deutsche Bank (DB), BankProv, Bridge Bank, Mercury, Multis and Series Financial are still ready to join the crypto industry, according to posts.

DCG’s efforts follow the banking collapse in the United States, which left many crypto and technology startups looking for new banking partners. Advertising

DCG has contacted BlackRock ( BK ), JPMorgan ( JPM ) and Bank of America ( BA ), according to the listing. DCG is the parent company of CoinDesk. The letters state that banks may restrict certain services for crypto transactions, for example, trading in stock markets and the ability to transfer money to others.

Traditional banks may be willing to set up bank accounts for crypto transactions, but they will impose restrictions based on the level of crypto exposure, according to the newspaper. Western Alliance and Bridge Bank are still opening accounts for crypto companies, despite falling stock prices.

DCG has contacted international banks, including Revolut in the UK, United Overseas Bank (UOB) in Singapore and Bank Leumi in Israel. A representative of DCG will meet with the Senate Banking Committee on the damages from SVB, Signature and Silvergate on Wednesday.

CoinDesk has reached out to DCG, Santander, HSBC, Deutsche Bank, BankProv, Mercury, Multis, Series Financial, BlackRock, JPMorgan, Bank of America, Revolut, UOB, and Bank Leumi for comment.

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Bitcoin is a decentralized digital currency that operates without a central bank or single administrator. It uses peer-to-peer technology to facilitate transactions and is based on a public ledger called the blockchain. Bitcoin is highly volatile and its price can fluctuate rapidly.

Investors who are considering investing in Bitcoin may want to consider the following strategies:

Long-term investment: Some investors choose to hold Bitcoin for the long term, believing that its value will increase over time. This strategy involves buying Bitcoin and holding onto it for several years or more, regardless of short-term price fluctuations.

Dollar-cost averaging: This strategy involves investing a fixed amount of money at regular intervals, regardless of the current price of Bitcoin. This approach can help investors avoid buying at the peak of a price rally and can also reduce the impact of market volatility.

Active trading: Some investors actively trade Bitcoin, buying and selling it based on short-term price movements. This strategy can be riskier than long-term investment and requires a good understanding of technical analysis and market trends.

Diversification: Investors who are interested in Bitcoin may want to consider diversifying their portfolio by investing in other cryptocurrencies or assets, such as stocks, bonds, or real estate. This can help reduce overall portfolio risk.

It's important to remember that investing in Bitcoin carries significant risk and investors should do their own research and consider their own risk tolerance before making any investment decisions.

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OpenAI’s artificial intelligence (AI) platform ChatGPT has proven its usefulness in providing information on a wide range of topics, including the cryptocurrency sector, and its newest iteration was able to list all the reasons why the existence of Bitcoin (BTC) was necessary.

Indeed, Michael Saylor, who is the founder and chairman of the enterprise analytics platform MicroStrategy, has asked GPT-4 why the world needed Bitcoin, and the AI platform has provided him with a detailed response containing eight specific reasons, as quoted by Saylor in a tweet published on March 15.

From decentralization and accessibility to security

As the primary argument for the flagship digital asset, ChatGPT placed decentralization – the fact that no single entity, like government or financial institution, can control it, in turn providing more freedom, autonomy, and resistance to censorship and manipulation.

Secondly, the AI tool singled out Bitcoin’s ability to provide access to financial services to unbanked and underbanked individuals, such as in regions with limited or unavailable traditional banking systems, who only need a smartphone and internet access to use the cryptocurrency.

In the third place are the fees of Bitcoin transactions that can be lower “compared to traditional financial services, especially for cross-border transactions,” as ChatGPT highlighted, stressing this can also reduce costs for both customers and businesses involved in international transfers.

Furthermore, “Bitcoin transactions are recorded on a public, tamper-resistant ledger called the blockchain,” so “transactions can be easily verified and traced, reducing the risk of fraud and corruption.”

Deflationary, private, and programmable

As the chatbot also correctly observed, Bitcoin has a limited supply of 21 million BTC, which makes it a deflationary currency, reducing the risk of inflation, which tends to “erode the purchasing power of traditional currencies over time.”

The sixth pro-Bitcoin argument listed by GPT-4 was the greater degree of privacy when transferring assets compared to traditional transactions, thanks to the crypto transfers only being linked to a public address instead of sensitive personal information.

In the seventh place is Bitcoin’s value as an investment and a method of diversification of financial portfolios, as the AI tool noted that the largest decentralized finance (DeFi) asset by market cap had demonstrated its “potential for significant growth in value over time.”

Last but not least, is the fact that:

“Bitcoin and other cryptocurrencies enable programmable money through smart contracts, which can automate and streamline various financial processes and transactions, leading to increased efficiency and new business models.”

Bullish future?

Bitcoin already has many believers in its bullish future who are well aware of its advantages, including Robert Kiyosaki, the author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ who has long argued for Bitcoin as the alternative to the United States dollar, which he considers “fake money” and a threat to the economy.

At the same time, the maiden crypto has recently hit new multi-month highs and has demonstrated chart patterns and indicators suggesting that another bull run was in play after a period of uncertainty, having kicked off with a potential target of $1 million in the next couple of years. 

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