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The post Crypto Whale Activity On The Rise: An Indicator Of A Bull Or Bear Market?  appeared first on Coinpedia Fintech News

The cryptocurrency market has recorded heightened volatility in the past 24 hours with over $220 million liquidated. According to the latest crypto price oracles, the global digital asset market capitalization stands at approximately $1.06 trillion, after a 3.6 percent decline.

As fear of the United States Security and Exchange Commission (SEC) waging war on crypto staking programs increases, as predicted by Coinbase CEO Brian Armstrong, the liquid staking projects have recorded a sharp uptick in demand.

Notably, the SEC charged the Kraken cryptocurrency exchange for engaging in sales of unregistered securities through its staking-as-a-service program. 

As a result, the liquid staking governance tokens market cap today is $4.78 Billion, up over 10 per cent in the past 24 hours. The spike in liquid staking tokens, however, comes at a time other digital assets like Bitcoin, Ethereum, and BNB have corrected nearly 6 percent in the same period.

Increased Whale Activity: A Warning Call?

According to on-chain analysis data provided by blockchain tracker platform Whale Alert, Circle’s USDC stablecoins have seen an uptick in minting in the past 24 hours. Notably, several transactions worth over $170 million have either been minted, burned, or transferred Circle to Coinbase.

An increase in stablecoins activity is largely related to either an upcoming bull or bear market, as they are mostly used in profit-taking. In the past 24 hours, a whale address account has been over $23 million worth of Polygon (MATIC). Meanwhile, Cardano (ADA)  has been named the top most traded crypto asset by the top 100 BSC chain whales. Notably, Binance is the leading cryptocurrency exchange by daily traded volume, thus making its whale the most fierce in the industry.