Did Bitcoin Just Get Presidential Backing?
Accumulation Underway: Whales Dominate 59.2% of BTC’s Supply.
President Joe Biden appears to have unintentionally turned into a Bitcoin enthusiast favorite. This happened when a coffee mug he was seen holding in a video promoting his re-election campaign grabbed the crypto community’s attention due to its distinct design – Biden’s face with glowing red “laser eyes,” a favorite meme among Bitcoin supporters.
The origins of the laser eyes meme are hazy, but it shot to popularity as part of a social media push by celebrities and regular people alike to drive Bitcoin’s price to $100,000 by 2021. However, the movement fell short of its goal. High-profile figures like Elon Musk, Tom Brady, and Paris Hilton had once sported these laser eyes. The red eyes typically symbolize strong support for Bitcoin and the broader crypto market.
While it could be seen as an attempt to woo BTC enthusiasts, the Biden administration’s skeptical stance towards cryptocurrencies (including some controversial tax proposals), makes it doubtful that the mug design was a deliberate Bitcoin promotion.
The mug’s design seems to be an homage to “Dark Brandon,” an edgier version of Biden seen in another popular meme and on his campaign website. Despite the mug’s surprise appeal to Bitcoin supporters, it’s unclear whether the design’s correlation with the Bitcoin meme was coincidental or intentional.
Whales Are Making Waves
In other news, a study has recently disclosed that a surprisingly small group of Bitcoin holders are accumulating a significant portion of the renowned cryptocurrency’s available supply. Specifically, 15,870 Bitcoin addresses, each possessing over 100 BTCUSDT, collectively hold an impressive total of 11.5 million coins.
This substantial sum, as pointed out by on-chain analytics powerhouse Santiment, represents nearly 59.2% of Bitcoin’s current supply. This indicates that larger crypto investors are steadily accruing Bitcoin, thereby increasing their hold over a larger slice of its circulating supply.
Usually, this accumulation is followed by massive price swings, so keeping an eye on such activity can reveal early trends. On top of this, several market analysts have made optimistic predictions for Bitcoin’s price. For instance, as reported by CryptoGlobe, the CEO of a major cryptocurrency financial services company, managing over $2 billion in assets, recently hinted that, based on historical patterns, Bitcoin’s price could shatter the $100,000 threshold by 2025, following the halving event.
Chart Analysis – BTC/USD
Bitcoin has been incredibly slow since late June. We can literally count on the fingers of one hand the days that had some activity in the last month. The last notable movement was seen Tuesday and Wednesday of this week but other than that, it’s been flat with a bearish bias.
The price is now below the 50-day Moving Average but still above the support at $28,500. The candles have small bodies and the volume is low. Basically, we can expect the price to shoot at any time but the direction is uncertain.
Keep in mind that today the Non-Farm Payrolls (NFP) report comes out and it will have an effect on the US Dollar, hence on the BTC/USD pair.
