Title: What Could be Behind Bitcoin’s Significant Drop Today? A $535 Million Transaction
Cryptocurrency analysts are questioning the reasons for the sharp decline in the Bitcoin and cryptocurrency markets today. One factor that may have contributed to this decline has emerged.
According to data from the cryptocurrency analysis company Arkham, a wallet that has been inactive for an extended period recently transferred a substantial amount of Bitcoin. The wallet, dormant for 5.5 years, moved 8,000 Bitcoins, equivalent to around $535 million at the current value.
The transferred BTC was dispersed among several cryptocurrency wallets, with four of them linked to Binance deposit addresses. The amount sent to Binance totaled 1,416 BTC. Remarkably, the whale wallet paid approximately $108 in fees for the massive transfer.
Today, the overall cryptocurrency market experienced an unexpected downturn, with Bitcoin, the leading cryptocurrency, dropping by approximately 4.57% in the past 24 hours. As a result, the price of BTC fell below $67,000 and is currently trading at $66,588.
The primary reason for this decline is believed to be the upcoming release of CPI and interest rate decision data from the USA tomorrow.
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