Press reports recently revealed that the bankrupt lender (BlockFi) transferred a large amount of the digital currency (Chainlink), worth $46.5 million, to the Kraken exchange in preparation for selling them.
This deal, which was revealed by cryptocurrency analyst EmberCN via a post on the social networking site X, sparked discussions about its potential impact on the price of the digital currency.
The transfer included 2,402,945 China Link tokens worth $46.5 million to the Kraken digital currency platform, as this action comes against the backdrop of BlockFi's bankruptcy.
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In September 2023, BlockFi got the green light to start paying customers' installments under the liquidation plan. Then, in October, the company emerged victorious in its bankruptcy battle, turning over a new leaf nearly eleven months after it was hit by a financial storm following the collapse of FTX. The company resumed withdrawal services for wallet customers and repayment for interest account holders and retail loan customers, as these measures represented an important step towards restoring normal operations.
As BlockFi liquidates assets, including ChinaLink tokens, market watchers are wary of potential impacts on the cryptocurrency's price. Meanwhile, some market whales are taking a different tack, assembling ChinaLink.
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According to Spot On Chain, a cryptocurrency whale bought approximately 194,400 ChinaLink coins, worth $3.67 million, from the Binance platform. This purchase represents a major shift in the whale’s trading, which began with the acquisition of 928,016 of the currency at an average price of $17.35, with a total of about $16.1 million since January 28, 2024.
On the technical front, China Link has reached a crucial point, where it is testing the lower trend line of the descending channel. This scenario indicates a possible bounce towards the upper border of the channel around $19.70. Market sentiment and future price direction could hinge on a breakout or breakdown from this pattern.
Meanwhile, the digital currency recorded a decline of about 5.25% to $18.24, while falling by more than 9% in the last 7 days.
A market analyst on X, under the name LinkSpartan, provided insights into institutional strategies and market dynamics related to China Link Coin. He indicated a cautious stance, hinting at a possible correction affected by broader economic factors and liquidity conditions.
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