Bitcoin defends $60,000... 'whales' buying dips

Bitcoin is up 0.57% from 24 hours ago to $65,042, according to cryptocurrency market watcher Coinmarketcap. At the same time, the leading altcoin, Ethereum, was trading at $3156, up 0.38% from the previous day, while Ripple was trading unchanged at $0.52.

Bitcoin halving occurs every 210,000th block. This halving started at the 840,000th block. As a result, the current Bitcoin mining reward has been reduced from 6.25 BTC to 3.125 BTC. This has increased the scarcity of Bitcoin, which has driven the price up.

Some believe the price will rise in the future. According to blockchain analytics firm Into the Block, a whale that owns at least 0.1% of bitcoin bought 19,760 tokens for $1.2 billion on Nov. 19 (local time). The whale's low-priced purchases indicate that Bitcoin is likely to rise in the coming days, CoinDesk analyzed.