Bitcoin (BTC), long-term holders, have generated generational wealth in the last decade. The statistics of BitInfoChartsBinance received the coins on Dec. 6, 2018. The wallet was credited with the coins in December 2018. In those days, one BTC cost about $3 810. BTC has increased in price by 1673% since December 2019.
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It is not clear who owns the wallet. Binance may own the wallet, it could be an institution or a Bitcoin-whale. After holding the Bitcoins for more than 5 years, it is possible that their owner wants to make a profit.
Does Bitcoin price drop after a transfer?
The sending of assets to a market is considered as a “bearish” development because it increases their chances of being bought and sold. The price of an asset may be negatively affected if 8000 BTC is put on the market.
Bitcoin’s price has fallen below $68,000 in the past few days. This dip could be due to FOMC’s (Federal Open Market Committee), scheduled meeting on June 12th, 2024. The US Employment Data may also have had an effect on BTC.
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BTC has dropped 0.9% over the past 24 hours. It also fell 5.3% on the weekly chart and 2.2% on the 14-day chart. The asset has still risen by 10.3% in the last month.
According to crypto analyst Ali Martinez, BTC’s price ‘loves to rebound after every FOMC meeting.’ So, we could see an upswing very soon.
The analyst also pointed out that BTC had a difficult third quarter. This is the one we’ll be in in about a week. We may therefore face a price correction by the end of July this year.
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Source: watcher.guru
