Cryptocurrency markets experienced a significant decline today, leaving many wondering about the reasons behind it. One factor that may have contributed to this decline is a massive transaction worth $535 million involving Bitcoin.
Data from cryptocurrency analysis company Arkham revealed that a dormant wallet, inactive for 5.5 years, suddenly moved 8,000 Bitcoins at the time of writing. This significant transfer was spread across various cryptocurrency wallets, with four of them linked to Binance deposit addresses. The transaction to Binance amounted to 1,416 BTC, with the whale wallet paying around $108 in fees for the transfer.
The unexpected decline in the overall cryptocurrency market today saw Bitcoin, the largest cryptocurrency, drop by approximately 4.57% in the last 24 hours. This decrease pushed the BTC price below $67,000, currently trading at $66,588. The main reason behind this decline is believed to be the upcoming release of CPI and interest rate decision data from the USA tomorrow.
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