Crypto Market: Brace for Volatility, Whales Ready to Strike Before Bitcoin Halving!

• The crypto market witnessed a flash sell-off due to news such as the Huobi token (HT) flash crash and Whitehouse intentions to introduce a 30 percent tax on crypto mining electricity.
• Bitcoin price fell as much as 10 percent, resulting in over 130k traders being liquidated.
• Whales are preparing for next year’s halving event which could result in a fresh bull market.

Crypto Market News: Buckle Up for More Volatility Ahead

The crypto market has been met with high-impact news that resulted in a flash sell-off. Over 130k crypto traders have been liquidated, with total liquidations at approximately $393 during the early New York trading session. Notably, Bitcoin price fell as much as 10 percent to trade below $20k.

On-Chain Crypto Market Analysis

According to on-chain analytics firm Santiment, cryptocurrency exchanges led in altcoins transfers, with 58,885,143 Polygon MATIC worth $62.1 million transferred in a single transaction today. Noteworthy is Circle’s USDC emerged as the most sold token followed by Tether USDT and DAI. Additionally, USDC and USDT topped the most purchased tokens according to study by whalestats; WBTC was the third most purchased crypto token indicating possible price manipulation on Bitcoin by centralized exchanges. The most used smart contract included DAI, WBTC, USDC, USDT and LDO in that order including Shiba Inu which ranked seventh indicating a possible layer 2 scaling solution being developed by Shibarium. Lastly AI & ZK coins led in the most traded ecosystems over the past 24 hours.

Whales Activity on Rise

The biggest fear amongst cryptocurrency holders is that last year’s correction is continuing which could push Bitcoin towards $11k but whales are preparing to rake in more assets ahead of next years Bitcoin halving event which could bring forth a fresh bull market if it follows historical patterns.

Whitehouse Taxation Intention

One of the highly impactful news was Whitehouse intentions to introduce a 30% tax on electricity used for crypto mining activities hoping it would add another layer of regulation around cryptocurrencies and blockchain technology .

Huobi Token Flash Crash

Another important news was Huobi token (HT) flash crash where its value decreased from $25 down to just two cents only within minutes before recovering back up again shortly afterwards giving investors quite an uncomfortable scare about their digital assets’ security & stability .