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Today, a Bitcoin wallet inactive for six years transferred 1,000 BTC to Coinbase. This transfer involved Bitcoins purchased for approximately $6.68 million, now valued at $61 million. These large wallet holders, known as “whales” in the crypto world, have a significant impact on the market.
Reactivation of Dormant Bitcoin Wallets
Recently, the reactivation of old Bitcoin wallets has been noticeable. As we shared with you a day ago, a wallet associated with a Bitcoin miner moved 50 BTC to Binance after 14 years of inactivity. Such movements may indicate long-term holders cashing out at record prices or engaging in speculative trading.
These sales by long-term holders led to a roughly 9% drop in Bitcoin prices. The rapid selling by miners and the German government’s decision to sell its Bitcoin holdings also contributed to this decline. Large transactions create significant downward price pressure, causing high volatility in the market.
Current Price Situation
At the time of writing, Bitcoin was trading at $61,550. Bitcoin failed to maintain its gains above the $62,000 level reached yesterday. This failure to sustain higher prices has been observed multiple times in recent days. Market observers are closely monitoring economic data releases.
The core Personal Consumption Expenditures (PCE) price index for May, to be released on Friday, could further impact market conditions. Economists do not expect a change in the PCE price index and foresee a slight 0.1% increase in core PCE. These data could support arguments for the Federal Reserve to lower interest rates.
Potential Scenarios for Bitcoin
Positive inflation data could support Bitcoin prices and prevent a deeper drop to $50,000 as analysts predict. The interaction between macroeconomic indicators and cryptocurrency market dynamics seems poised to have a greater impact on prices moving forward.
Lastly, let us not forget that this year is an election year in the US. Bitcoin and cryptocurrencies could be significantly affected by the political approaches of presidential candidates.
