What’s Happening with $292 Million Bitcoin in Minutes?
U.Today: The cryptocurrency market took notice after Bitcoin (BTC) recorded an incredible $292 million swing in a matter of minutes. The high volume of transactions has sparked conjecture about mass whale movement or institutional activities. The monies were transferred between unidentified wallets, according to on-chain data, which raises the possibility of a significant asset accumulation or deliberate redistribution.
Whale Alert, a blockchain data watcher, reports that “3,402 BTC worth $292,322,254 was transferred from an unknown wallet to an unknown wallet.” The transaction might be connected to an over-the-counter (OTC) deal that happens outside of a cryptocurrency exchange. Nevertheless, it is still unclear why the change was made.
Bitcoin was trading at $85,947 at the time of writing, up 3% over the previous day. Following Fed Chair Jerome Powell’s dovish assessment of the U.S. economy, major cryptocurrencies like Bitcoin, Ethereum, and others increased in value in tandem with markets.
Bitcoin recovers
As investors responded to the Federal Reserve’s indications of more relaxed financial conditions and raised hopes of a liquidity-driven surge, Bitcoin crossed $87,000 on Wednesday, increasing by about 6%.
The Federal Reserve extended a months-long halt in rate cuts because of economic uncertainties on Wednesday by keeping interest rates unchanged. The Federal Reserve’s decision, which kept its benchmark rate between 4.25% and 4.50% after starting to reduce borrowing rates in the fourth quarter of last year, was mainly expected.
Jerome Powell, the chair of the Federal Reserve, said in remarks after the announcement that the central bank’s most recent inflation prediction was “a little higher than projected with December.”
Early Thursday saw Bitcoin accelerate its gains, hitting highs of $87,470 before dropping to its current price of over $85,000. Bitcoin has risen to $84,509, above the daily SMA 200. How Bitcoin holds its position above this crucial level over the next few days will be the main focus.
The original publication of this article was U.Today.
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