Bitcoin Whales On A Buying Spree Amid BTC Price Dump?

Bitcoin, the world's largest cryptocurrency has failed to gain upward momentum due to the Fed rates hike in sight and other macroeconomic factors. Meanwhile, a whale tracker has reported several Bitcoin accumulation transactions which suggest that whales are buying the dip.

Timeline of Bitcoin

The Philippine island of Boracay is known worldwide as the perfect summer vacation destination with its powder white beaches, thrilling water activities, and vibrant nightlife. These days, however, the island appears to be on its way to bagging another title as the Bitcoin Island of the Philippines with its growing crypto adoption.

Bitcoin (CRYPTO: BTC), the world's most valued cryptocurrency, traded higher, climbing above the $19,000 level this morning after the US Federal Reserve raised interest rates by 75 bps at its September meeting. The second-most valued cryptocurrency, Ethereum (CRYPTO: ETH), meanwhile, traded below the $1,300 mark.

In a recent interview with Cointelegraph, hedge fund co-founder CK Cheng stated that as long as regulation provides institutional investors with a clear path for crypto investments, they will not back off/sell.

Bitcoin reversed below $20,000 once more after the sell-offs that followed the completion of the Ethereum Merge. With the decline, the digital asset had revisited lows not seen in three months, giving credence to the bears during this time.

The crypto markets have hit new monthly lows of US$910bn, mainly due to an Ethereum that can't seem to catch a post-Merge break. Now changing hands at US$1,270, ETH has slashed over 20% from its market cap in the past week alone, with the bulls and bears fighting it out in equal measure throughout Thursday morning's trade.

Shark Tank celebrity investor Kevin O'Leary reportedly says that policies will impact investments in the digital asset space as he shares his optimism that US policymakers will be supportive of crypto.

Despite the back-and-forth stance towards crypto in Russia, serval Russian departments have reached a consensus that Bitcoin mining should be legalized in areas rich in electricity.

Bitcoin and other major altcoins have displayed a correlation between macroeconomic factors and virtual currencies. After the August CPI data release, almost all the crypto assets started dropping.

According to this banking insider, the governments have it all wrong. Bitcoin is one of the least private assets out there, and they should change policies for the pendulum to swing the other way.

Bitcoin price struggled to clear the $19,500 resistance. BTC is currently (03:10 UTC) trading below $19,000. The fed rate hike to 3.25% increased selling pressure and now there is a risk of a move below the $18,000 level.