News
Nearly billions of US dollars in BTC moved from exchanges as price plummeted 5.4% according to U.Today
U.Today – According to a recent report by cryptocurrency analyst and trader Ali Martinez, earlier this week, a mind-blowing amount was withdrawn from cryptocurrency exchanges to cold wallets.
This coincided with the price of the world’s largest cryptocurrency plummeting by nearly 5.5%,
Whales withdraw billions of dollars in BTC
Martinez posted a chart provided by on-chain data aggregator CryptoQuant, showing that over the past 48 hours, cryptocurrency whales have moved more than 14,140 BTC from cryptocurrency trading venues. This constitutes almost a billion US dollars in fiat equivalent.
While many were withdrawing BTC from exchanges, a major dormant wallet that was reactivated on Tuesday, transferred 8,000 Bitcoin to the largest cryptocurrency exchange: Binance. At the time of the transfer, this amount of BTC was valued at over $535 million.
Prior to that transaction, the whale remained dormant for approximately five and a half years.
Bitcoin Suddenly Recovers $70,000
Since Tuesday, Bitcoin has risen by 5.77%, recording a strong increase to the $70,000 level. However, this price recovered today after BTC printed a huge green candle on an hourly chart.
Today’s growth was 3.29% overall following the release of May inflation (CPI) data. The consumer price index turned out to be lower than analysts’ expectations – 3.3% versus 3.4%. This pushed Bitcoin higher, helping it reclaim an important psychological price level.
At this point, however, BTC has retreated slightly and is changing hands in the $69,700 zone.