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ThecoinrepublicBitcoinMysterious Bitcoin Whales Move 510 $BTC
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Mysterious Bitcoin Whales Move 510 $BTC

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  • The whale was dormant for over a decade
  • BTC Price at the time of writing – $19,026.42
  • The amount is worth nearly $10M

Data from the Bitcoin blockchain indicates that some long-term holders are moving their stash during the bear market. A mysterious Bitcoin ($BTC) whale or whales have been moving a large quantity of coins that had been dormant for a decade.

Lookintobitcoin creator Philip Swift claims that in the last week alone, a total of 510.65 BTC, or nearly $10 million, were transferred.

Notably, these changes occur following a prolonged bear market in which BTC’s price fell from close to $69,000 to approximately $19,000 at the time of writing. During this cycle, BTC’s low was slightly above $18,000.

Year-to-date bonds, stocks, and cryptocurrencies have all plunged

Bloomberg commodity strategist Mike McGlone recently stated, CryptoGlobe reported, that Bitcoin and U.S. Treasury bonds are both tradings at extreme discounts in light of the Federal Reserve’s hawkish efforts to control inflation.

Bonds, stocks, and cryptocurrencies have all fallen since the beginning of the year, and commodity prices have increased as a result of macroeconomic factors and Russia’s invasion of Ukraine.

According to the analyst, investors can anticipate additional corrections in the future as long as the Federal Reserve keeps raising interest rates.

Despite Bitcoin’s poor year-to-date performance, McGlone has reiterated his belief that the flagship cryptocurrency’s price will reach $100,000.The analyst claims that Bitcoin will reach six figures matter of time.

ALSO READ: More Than a Half Dozen US Securities Regulators File Actions Against Nexo

Silver will underperform in the short term

Since any entity on the Bitcoin network has the ability to create as many addresses as they want, it is unclear whether the 510 dormant BTC movement was caused by one or more individuals.

Blockchain data shows, as Cointelegraph first reported, that the amount of BTC’s supply that was active more than ten years ago has reached a new all-time high, despite the movement suggesting that the whales are getting ready to sell.

McGlone is particularly bullish on gold because he believes that gold will begin to take off once they see a little peak in long bond yields, a little end to all these hiking expectations from the Fed. He went on to say that Silver will fall short in the short term.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Andrew Smith
Andrew Smith
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
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