Yujin from the Cosmos network analyst Yujin reported that developers of Cosmos transferred 295.3 Bitcoins. This is the largest transfer in nearly two years.
At current prices of $94,410.82 (approximately 295.3 bitcoins),BTC(approximately $27,8 million) are sold. Yujin said that the BTCs sold during the recent drop are most likely funds from Cosmos Initial Coin Offering, which took place in 2017. The project was able to raise high amounts of money in BTCs and Ethereums.ETH).
The team has also transferred this year. $10.16 million In ETH this November 22, 2018. The developers sold the 295.3 BTCs and $78.67 Million in total, including the 295.3 BTCs. The developers, however, still own 96.4 BTCs as well as 17,188 ETHs worth around $67,000,000 at current market values.
The team has a lot of money left over from the previous transfers. ICO raise. The transactions may be part of a strategy for profiting, since BTC and ETH both fell in value by 11.43 and 14.73 percent respectively over the past seven days, according to CoinMarketCap.
In a Bitcoin limbo amid Cosmos sell off
If demand is not sufficient, large-scale BTC purchases could cause prices to fall. These sales can overwhelm buyers in some markets. This is exacerbated when traders sell before further price drops happen, and also create additional pressure to sell. The Moving Average Convergence Divergence Analysis can help to uncover an asset’s trends by looking at moving averages, and its momentum.
The BTC/USD chart shows the bearish crossover with the MACD indicator, which has also moved above its signal line – generally a sign that downward momentum may lie ahead. A histogram crossing below zero further confirms this, indicating an increased selling pressure. BTC might also go to its previous highs. The possibility of a bullish If the MACD crosses the signal line, the trend will reverse.
This would indicate a change in demand, a shift in attitudes and an increase in price. BTC appears to be on a downward trend at the moment. “do or die” Situation where both MACD and signal lines merge, but there is no price direction.
Disclosure: The article is not intended to be investment advice. This page is intended for informational purposes only.
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Source: crypto.news
