Bitcoin, the largest cryptocurrency by market value, soared to new heights, surpassing the $60,000 mark and hitting a peak of $60,660 during Saturday trading. This surge marked a turnaround from September losses, fueled by concerns about the weakening U.S. economy.
On Friday, Bitcoin’s price climbed to $60,770, its highest level since the start of September, with traders showing optimism ahead of the Federal Reserve’s upcoming meeting and the possibility of a significant rate cut.
The positive momentum continued, with Bitcoin experiencing a 3.27% increase in the last 24 hours, reaching $59,835 at the time of writing.
Recent data from on-chain analytics platform Lookonchain revealed that seven dormant wallets, likely belonging to the same whale, deposited 203 BTC valued at $12.18 million into Binance, resulting in a profit of $6.89 million. This move indicated a potential intention to sell, as deposits to exchanges often suggest.
Whale Activities
Bitcoin whales have been making notable moves in the past 24 hours, coinciding with Bitcoin’s surge above $60,000. According to Lookonchain, after Bitcoin crossed the $60,000 mark, a whale acquired an additional 1,062 BTC worth $63.96 million, bringing their total holdings to 10,043 BTC valued at $603.84 million.
Furthermore, a BTC swing trader deposited 205 BTC worth $12.4 million into Binance, securing a profit of $2.36 million through a smart trading strategy.
MicroStrategy, a prominent corporate holder of Bitcoin, disclosed purchasing another 18 BTC at $60,408 between Aug. 6 and Sept. 12. With a current holding of 244,800 BTC valued at $14.15 billion and an average purchase price of $38,585, the company stands to gain a substantial profit of $4.71 billion at current prices.
This surge in Bitcoin’s price and the strategic moves of whales and institutional investors highlight the growing optimism and interest in the cryptocurrency market. Whether you are a seasoned investor or someone looking to enter the digital asset space, staying informed about market trends and key players can help you make informed decisions and potentially benefit from the ongoing developments.