Whales Are Accumulating More Bitcoin Amid The Price Crash, According To Trader Aaron Arnold
The closely-followed trader Aaron Arnold from Altcoin Daily lifts the curtain on what is really happening on the crypto market amid this price crash.
“Cryptocurrency investors are being fooled, and you are being tricked, you are being deceived if you’re in cryptocurrency, and things are going on behind the scenes that most people cannot even fathom.”
EU Wants To Ban Anonymous Crypto Wallets
The analyst kicks off the video by discussing the recent news about the EU wants to ban anonymous crypto wallets by 2024.
Per the document, the Commission has proposed to oblige companies that facilitate transfers of Bitcoin and other cryptos to collect various personal data of senders and recipients. In theory, this should help law enforcement agencies to combat money laundering.
“They say that cryptocurrency is one of the newest ways to launder money. And they will apply to the whole of the crypto sector. They will ban anonymous crypto wallets and make sure that crypto-asset transfers are traceable.”
According to the Commission’s proposal, companies that process crypto transactions will have to record their customers’ names, addresses, dates of birth, accounts numbers, and names of the recipients. Naturally, crypto enthusiasts won’t be able to fill in their anonymous crypto addresses for such transfers:
“We need to make it clear that the EU is not banning crypto wallets. They are trying to introduce a cut down version of FATFs travel rule, which we have been aware of for 2+ years now,”
“Short of it: Just record recipients name on transaction $1,000+.”
The end is NEAR
According to the crypto KOL, the three-month downtrend is reaching its end, and whales have been accumulating the China sell-off aggressively.
Besides, the Bitcoin illiquid supply change also shows investors are back to accumulating:
“We’re seeing a return to accumulation, so plenty of different on-chain metrics are showing us that smart money is buying while retail remains scared.”
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