Wed, May 08, 2024 at 20:19

• 

  Kang-hoon

  • Hello Annie.

  • Today, we are going to discuss the recent developments in the crypto market.

  • The market has seen a significant drop in trading volumes on both spot and derivatives crypto exchanges due to macroeconomic concerns.

  • 
• Annie

  • Oh, that doesn't sound too good.😟 What's causing these concerns?

  
• 

  Kang-hoon

  • Well, Federal officials have turned hawkish and warned that interest rates are likely to stay higher for longer.

  • 

  • This has caused some jitters in the market.

• Annie

  • Higher interest rates?

  • That's not good for investments, right?😕

  
• ADward

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• 

  Kang-hoon

  • Correct, higher interest rates can make borrowing more expensive, which can slow down economic growth.

  • However, despite this, large whales have accumulated Bitcoin worth $941 million over the past 24 hours as BTC price fell.

  • 
• Annie

  • Wow!

  • That's a lot of Bitcoin!🤑 So they're buying the dip?

  
• 

  Kang-hoon

  • Yes, exactly.

  • As Bitcoin price remains range bound between $61K and $64K, big whales took this opportunity to accumulate BTC.

• Annie

  • So, they're confident about Bitcoin's future despite the current price drop?

  
• 

  Kang-hoon

  • That seems to be the case.

  • Whale accumulation is seen as a major factor in maintaining a bullish outlook for a crypto or whole crypto market.

• Annie

  • That's interesting!🤔 So, what's the current price of Bitcoin?

  
• 

  Kang-hoon

  • As of today, May 8, the Bitcoin price has tumbled below $62,000.

  • 
• Annie

  • Oh, I see.😮 And what about other cryptocurrencies?

  
• 

  Kang-hoon

  • Market researcher Kaiko reported that meme tokens are leading in leverage among top altcoins as it saw massive accumulation from whales and other investors.

  • Investors continue to buy meme coins such as dogwifhat (WIF) and Pepe Coin (PEPE) in anticipation of recovery in prices.

• Annie

  • Sounds like there's a lot going on in the crypto market!😅 So, is this news good or bad for the market?

  
• 

  Kang-hoon

  • Despite the current market jitters and price drops, the fact that large whales are accumulating Bitcoin could be seen as a positive sign.

  • It indicates confidence in the future of Bitcoin and the crypto market as a whole.

  • Upon comprehensive consideration, this news is perceived as a 😍Bullish.