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Bitcoin Logs Historic Weekly Candle as Number of Whales Continues to Climb

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Mon, 21/12/2020 - 6:05
Bitcoin Logs Historic Weekly Candle as Number of Whales Continues to Climb
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Bitcoin, the largest cryptocurrency by market cap, has recorded its biggest weekly candle ever in dollar terms.

The cryptocurrency capped off its historic week with a 22.49 percent uptick, adding $4,318 over the course of seven days.

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Bitcoin whales keep accumulating 

Dec. 16 went down in history books as the day Bitcoin finally smashed the pivotal $20,000 resistance, extending its headline-grabbing rally.

The cryptocurrency then soared to a new all-time high of $24,298 on Dec. 20.  

According to data provided by Santiment, the number of wallets that hold more than 1,000 BTC continued to go up, meaning that whales continued to accumulate. 

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On Dec. 17, the number of Bitcoin millionaires shot up 150 percent because of early miner addresses, as noted by Glassnode.    

Meanwhile, smaller holders felt pressured to take profits in the $22,000-$24,000 region. 

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More money printing  

Yesterday, the U.S. Congress finally nailed down a long-sought stimulus deal, agreeing on $900 billion worth of relief aid. 

Bitcoin proponents believe that the government-funded stimulus package should provide a fillip to the cryptocurrency that is considered to be a hedge against money printing. 

Many prominent executives — from Twitter CEO Jack Dorsey to Social Capital CEO Chamath Palihapitiya — have ridiculed modest $600 direct payments that will be sent out to millions of Americans.

Meanwhile, those who spent their $1,200 stimulus checks on Bitcoin ended up getting the last laugh. The cryptocurrency is up 257 percent since then. 

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