Despite all the recent Fud news feed, it is quite surprising to see Bitcoin reaching $26,400. Meanwhile, not only individual investors but also cryptocurrency whales were very active. In this article, let’s take a look at 3 cryptos that have filled whale wallets during the recent banking crisis.
Whales are buying these 3 cryptocurrencies as banks crash
Bitcoin (BTC) price peaked at $26,400 today after last weekend when it traded below $20,000. Alongside the positive price movements, on-chain data shows positive backlog among miners, investors and whales. According to Glassnode data, the number of Bitcoin wallets holding more than 1,000 BTC is growing rapidly.
Tim Draper, one of these investors, shared that he has told many CFOs he knows about the importance of BTC in events such as the US banking crisis of recent days. There are other features that lead whales like Draper to the leading crypto…
I have been advocating for CFO's to keep some cash in #Bitcoin for a while now as a hedge against bad government and the banking system. The Silicon Valley Bank crisis might keep companies who didn't buy at least some #BTC from making payroll on Monday. This is a Main St. problem
— Tim Draper (@TimDraper) March 11, 2023
Why are crypto whales interested in BTC?
Non-Bitcoin users are more excited than ever about BTC. We can relate this to several main factors:
- Success of Ordinal protocols: Bitcoin’s recently integrated Ordinals have been a big hit since February 2023. Ordinals are similar to NFTs. These are digital assets written on a Satoshi. One Satoshi is the lowest value of a Bitcoin
- DeFi’s rise over Bitcoin: The Bitcoin Taproot upgrade has unlocked the potential to create DApps on the Blockchain. This accelerated DeFi movement is on the Bitcoin network. Taproot upgrade enables Bitcoin Blockchain to support DeFi applications. This has brought new excitement to Bitcoin and has future potential.
Welcome to #Stacks 💜 👇
⭐ A #Bitcoin layer for smart contracts
⭐ Enabling smart contracts and decentralized applications to trustlessly use $BTC as an asset
⭐ Settling transactions on the #Bitcoin blockchain
⭐ Unlocking #Bitcoin Decentralized Finance, NFTs, BNS, and more pic.twitter.com/VoHnypE1dx— stacks.btc (@Stacks) February 21, 2023
The rise of DeFi and Ordinals in Bitcoin are some of the reasons why whales buy BTC. Recently, an address linked to the US government moved more than 50,000 Bitcoins. It was worth about $1 billion. These Bitcoins were allegedly confiscated from the Silk Road market. Many believe that selling these Bitcoins will lead to selling pressure. But only time can tell.
Lido DAO (LDO)
Lido DAO is one of the altcoins that directly connects with Ethereum as a liquid staking protocol. Liquid staking eliminates the shortcomings of traditional staking. In liquid staking, when you stake your native token, you earn an ST token. This ST token represents the native cryptocurrency you stake on a 1:1 basis, allowing you to earn more returns.
📈 Lido Analytics: Mar 6 – Mar 13, 2023
TLDR:
– Lido TVL grew +4.04%.
– Lido share of weekly ETH deposits hit 48.8%.
– stETH/ETH exchange rate is at 0.994.
– @AaveAave V3 wstETH pool grew 57.9%.
– Lido APR hit 11.02% on Mar 11 and Mar 12.
– wstETH is now live on @0xPolygon 🟣 pic.twitter.com/PymmDnqwox— Lido (@LidoFinance) March 13, 2023
Latest updates from Lido
Lido has announced several upgrades in recent months. But the Shanghai uprising had the biggest impact. Shanghai upgrade enables Lido to support Ethereum withdrawals. A major danger with this upgrade is that investors will now be able to withdraw their locked ETH from the platform.
On the other hand, the Lido V2 update could be another source of growth for the network. Update V2 focuses on the staking router. This allows anyone to create new node operators. Lido network believes V2 upgrades will improve network decentralization. It will also shorten withdrawal times and popularize stETH on Ethereum.
Today Lido contributors are proud to present Lido V2 – Lido’s largest upgrade to date and an important step towards further decentralization. https://t.co/SDxlxCgMNq pic.twitter.com/KJewhEp8rV
— Lido (@LidoFinance) February 7, 2023
Mask Network (MASK)
Privacy protocols are getting more and more attention day by day. Mask also has an impressive potential in this field. Mask Network uses an open source web extension to bring decentralized privacy features to Web2. This includes platforms like Facebook and Twitter.
Mask Extension allows you to hide your content from prying eyes. So only your target audience can see your post.
1/n How to unfuck web2 (#twitter) ? And why decentralized social networks are inevitable?@elonmusk's $44Billion cash WILL shift control of the social media platform populated by millions of users, we are here to call for radical changes for social media:https://t.co/1b9CSQt8a4
— Mask Network (Bridge to #Web3) (@realMaskNetwork) April 25, 2022
Mask is built on Ethereum, Binance Smart Chain and Polygon. This project creates an easy-to-use interface for using different Web3 applications. Also, late last year crypto became one of Twitter’s obsessions. The MASK token rose more than 316% after Elon Musk took over Twitter.
Additionally, Mask was one of 11 tokens that Binance added to its proof-of-reserve (PoR) report. The price of the cryptocurrency has also increased recently due to whale activity…
#MaskUpdate v2.17.4
1⃣️ "More" tab & Profile Cards for NFT projects
2⃣️ More accurate token & NFT info with DSearch
3⃣️ Many new features in Web3 File Service
4⃣️ Check out people's @LensProtocol Handles in Web3 Profile Cards
5⃣️ Support Clover Wallet @clover_finance pic.twitter.com/5HkefLeqtN— Mask Network (Bridge to #Web3) (@realMaskNetwork) January 30, 2023
cryptocoin.com In this article, we have included the news flow during the hours when Bitcoin exceeded $ 26,000. At the time of writing, 3 cryptocurrencies on the list were rising.
