Bitcoin got a strong boost from its biggest holders, often called 'whales,' who led a buying spree that pushed the cryptocurrency back to the $70,000 mark after it dipped to $60,000 last week. However, despite the significant money involved, this rebound still makes us wonder if it's the start of a new upward cycle or just a defensive move to limit losses after a long selling period. Last week, wallets holding more than 1,000 Bitcoin scooped up about 53,000 Bitcoins. This was the biggest buying wave since November, according to data from Glassnode, a company specializing in digital asset market analysis. These purchases were worth over $4 billion, which helped calm sharp fluctuations and stop a weeks-long downward trend. But this recent buying spree followed a long period of selling. Data shows that over 170,000 Bitcoins, worth roughly $11 billion, have left the wallets of major holders since mid-December. As a result, Bitcoin is still trading about 40% below its peak recorded in October, which really shows the pressure the market has been under in recent months. Brett Singer, Glassnode's Head of Sales, mentioned that these purchases 'slow any potential decline.' However, he also pointed out that the market needs broader and more sustainable financial inflows for any new upward trend to truly take hold.
Related editorial
Ahmed Ameer (Asphalt & Sinbad) Explains Egypt's Shift to Smarter Line Haul Pricing
Egypt's inter-city logistics market is undergoing a significant transformation in how 'Line Haul' services are priced. Entrepreneur Ahmed Ameer explains that the industry is moving away from older methods like per-invoice or per-bag pricing towards a more modern 'per-shipment' model. This exciting shift makes logistics services much easier to measure and scale, ultimately boosting operational efficiency and helping businesses manage their costs more effectively.
Egypt's Tourism Embraces Digital Future: 75% of Historic Sites Going Online
Egypt's tourism sector is really embracing the digital age! A whopping 70% of individual travelers coming to Egypt are now booking their trips online. This big shift is part of a larger plan to move more tourism services onto digital platforms, making things easier and more efficient for visitors.
Fawry and Crystal Pay Partner to Bring Real-time Payment Solutions to Businesses
Fawry and Crystal Mind, through its Crystal Pay arm, have announced an exciting new partnership! They're teaming up to integrate point-of-sale (POS) systems with digital payment solutions. This collaboration aims to significantly boost operational efficiency for merchants and businesses, helping them embrace digital transformation and make transactions smoother and faster.
2B Launches Exciting EGP 1000 Cashback Deal on Home Appliances
Hey there! 2B is rolling out a fantastic new offer, giving customers the chance to get up to EGP 1000 cashback when they purchase selected home appliances. Just remember to use the special code OFF1000 at checkout, but hurry, this great deal is for a limited time!