Investors are looking for signs of softening in the Federal Reserve’s hawkish tone after US CPI data fell short of expectations. This triggered a relief rally in the cryptocurrency market. The leading crypto Bitcoin (BTC) has risen again above $ 24 thousand. The price increase has also mobilized the whales. An anonymous wallet has transferred 4,000 Bitcoin (BTC) to crypto exchange Gemini, according to whale watching platform Whale Alert.
An anonymous wallet transferred 4,000 Bitcoin (BTC) to Gemini
The leading crypto Bitcoin has traded in the range of $ 23 to $ 24 thousand in the last few weeks. At press time, it changes hands for over $24,000. The rise in prices also created a movement between whale wallets and cryptocurrency exchanges. Recent data shows that 61,179 Bitcoins have been added from cold wallets to centralized exchanges in the past 30 days. Thus, an increase in BTC transfers was recorded. According to experts, this indicates that it may take some time for Bitcoin price to break through.
Earlier today, a high-net-worth crypto trader moved thousands of Bitcoin (BTC) to Gemini, one of the leading cryptocurrency exchanges in the industry. According to Whale Alert, 4,000 BTC worth $95 million moved from an unknown wallet to the crypto trading platform.
BTC is over $24,000 again
cryptocoin.comAs you follow, the inflation data of the USA, which reached the highest level of the last 40 years, pushed the Federal Reserve to aggressive interest rate increases. The liquidity, which became abundant with the effect of the expansionary monetary policy during the pandemic period, started to withdraw. The situation that once flowed into the crypto money market and caused a strong bull run was thus reversed. The Bitcoin and altcoin market, which peaked towards the end of 2021, saw sharp declines.
Since May, the crypto industry has experienced massive sell-offs due to the recent market crash that hit the entire global financial market and hit investors with huge losses. The disastrous collapse of Terra (LUNA) Blockchain in May triggered the current negative market conditions. Many of the top companies in the space have gone bankrupt, such as Three Arrows Capital (3AC) and Voyager Digital. Or suspended their services.
In this environment, the leading crypto Bitcoin (BTC) fell from its all-time high of $ 69 thousand to $ 17 thousand. However, there is a softening in US inflation data after aggressive rate hikes. Markets see this as a sign that the Fed’s hawkish stance will fade. In this environment, Bitcoin started a rally at the level of 17 thousand dollars. Today, it managed to rise above the $24,000 level again.
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