Big Hunt for Whales and Post-FED Altcoins Situation


Known as macro investors, whales are known for their opportunity-seeking and take advantage of market uncertainties. The popular WhaleAlert platform, which tracks major cryptocurrency transfers, reports that approximately 121 million XRP has been transferred to anonymous wallets in two transactions in the past 16 hours. As this process continues, many altcoins appear to be in the red and bearish, including Ripple (XRP), which is among the top ten cryptocurrencies by market cap.

XRPs Accumulated on Bittrex

WhaleAlert states that these two transfers were made as 85 million and 36 million. Also, the Bithomp XRP platform reports that the first transfer is on Binance exchange of the sending wallet and the receiving wallet is on Bittrex. It is emphasized that the second transfer was moved from FTX to Bittrex again. Thus, the number of XRP tokens on the Bittrex exchange has increased by 121 million more. In total, these 85 million XRPs are worth approximately $68 million.

On the other hand, it is the first time the Fed has increased interest rates since 2018, and this affects both traditional and crypto markets. The Fed set the key interest rate at 25 basis points, which did not affect some altcoins at all, while others before and after the decision.

Post-FED Cryptos

Before this decision, most of the crypto market and the downward movements of the crypto giant Bitcoin (BTC) were observed. However, with the post-announcement rises, Bitcoin enabled them to recover. At the time of this writing, Bitcoin (BTC) is trading at $40,400, down 1.3% in the last 24 hours.

However, other altcoins following BTC, the largest currency in the crypto market, are also falling. Even Terra (LUNA), which has been on the rise despite the recent declines in the market, unlike all altcoins, is trading at $ 83 with a 6.55% decrease in the last 24 hours.