Bitcoin whale’s selloff triggers market meltdown; Is this the beginning of the end?
Main Idea
Bitcoin (BTC) experienced a significant price drop and large whale transactions, while traders await the Federal Reserve's policy meeting and the White House's crypto regulatory framework announcement.
Key Points
1. Bitcoin (BTC) dropped below $115,220, down 3.01% in the last 24 hours.
2. A major Bitcoin whale transferred 16,843 BTC ($2 billion) to Galaxy Digital and exchanges, followed by additional large transfers totaling 80,201 BTC (~$9.45 billion).
3. Early Bitcoin holders are becoming active, including a 14.5-year-old wallet holding $468 million worth of BTC.
4. Traders are monitoring the Federal Reserve's upcoming policy meeting on July 30, where current interest rates are expected to be maintained.
5. The White House's Digital Asset Working Group has completed its 180-day crypto report, addressing seized Bitcoin and regulatory frameworks for digital assets.
Description
Bitcoin ( BTC ) dropped below $115,220 on Friday, down 3.01% in the last 24 hours, as the cryptocurrency faces pressure from massive whale movements that crypto analyst Crypto Patel describes as a potential “major distribution event.” BTC 24-hour price chart. Source: Finbold Using Arkham data, the analysis reveals that a major Bitcoin OG with 80,009 BTC (~$9.6 billion) has been systematically moving large amounts of Bitcoin through Galaxy Digital. The whale’s timeline The massive sell-off began ...
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