A recent report by crypto analyst and trader Ali Martinez revealed a staggering amount of Bitcoin has been withdrawn from cryptocurrency exchanges to cold wallets earlier this week. This significant movement coincided with a nearly 5.5% drop in the price of Bitcoin, the world’s largest cryptocurrency.
Whales Withdraw Billions in BTC
Amid widespread withdrawals, a notable transaction was made by a major dormant wallet. Reactivated on Tuesday, this wallet transferred 8,000 Bitcoins to Binance, the largest crypto exchange. At the time of the transfer, the Bitcoin was valued at over $535 million. This whale had been inactive for approximately five and a half years before making this significant move.
Bitcoin Reclaims $70,000
Following the release of the May inflation data (CPI), which showed a consumer price index of 3.3%—lower than the anticipated 3.4%—Bitcoin experienced a resurgence. The cryptocurrency’s price increased by 3.29%, aiding in its recovery of the crucial psychological level of $70,000.
Currently, Bitcoin has experienced a slight pullback, with its price now hovering around the $69,700 mark. This fluctuation underscores the ongoing volatility and dynamic nature of the cryptocurrency market.
This report highlights the significant factors impacting Bitcoin’s recent price movements, including major transactions and macroeconomic data, providing insights into the current state of the cryptocurrency market.
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