While billion-dollar movements were taking place on the Bitcoin exchange Binance today, a striking BTC comment came from a famous bank today. Let’s look at the details.
Surprising USDT activity on Bitcoin exchange Binance
A staggering $1.27 billion worth of Tether (USDT) was recently transferred from Bitcoin exchange Binance to an unknown wallet. The scale of this transfer caught the attention of the crypto community. It also raised various questions.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 1,273,491,805 #USDT (1,274,007,569 USD) transferred from #Binance to unknown wallethttps://t.co/orf7jJx6ta
— Whale Alert (@whale_alert) October 19, 2023
The transfer involved 1,273,491,805 USDT, equivalent to approximately 1,274,007,569 USD. Such a significant move by a stablecoin like USDT is quite unusual. Some members of the Bitcoin community suggest this could be related to a major corporate move, such as a large-scale investment. On the other hand, others are speculating about its effects on the cryptocurrency market.
BTC statement from the giant bank
A recent analysis by Morgan Stanley Wealth Management attracts attention. Accordingly, it created optimism within the Bitcoin and cryptocurrency community. The report provides an assessment of the current state of the crypto market. It also hints at a possible comeback.
“Current data shows that winter may be behind us in the crypto market and spring is on the horizon,” the report said. It is said. This assessment is based on historical trends and market performance.
Historical cycles and Bitcoin’s resilience
Bitcoin BTC’s historical performance shows that after reaching peak values, the cryptocurrency typically experiences a decline that can last 12-14 months. Notably, BTC reached its all-time high of $68,000 in November 2021. It also went through a bear market phase after this.
However, Bitcoin gained 70% in value in the current year. Accordingly, it increased by 77% compared to the lowest point of the previous year. On the other hand, he showed significant endurance. According to Denny Galindo, the analyst behind the report, “Bitcoin gaining 50% from its BTC lows is generally a good sign that the bottom has been passed.”
The importance of Bitcoin halving
The report also draws attention to the Bitcoin halving, which will take place in April and occurs every four years. During these events, block rewards for Bitcoin miners will be halved. Additionally, this will alleviate inflationary pressures on cryptocurrency.
Historically, BTC has experienced significant rallies following these halving events. According to Galindo, “bull runs begin with a halving and end when Bitcoin reaches its previous peak.” He states that Bitcoin has experienced this cycle three times since its inception. Additionally, when we look at it as cryptokoin.com, we emphasize that each rally continues for 12-18 months after a halving event.
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