Bitcoin peaks at $60,770, highest since early September, amid Federal Reserve rate cut expectations.
MicroStrategy's BTC holdings now valued at $14.15B, with a profit of $4.71B at current prices.
Bitcoin whale transactions soar, with $12.18M moved to Binance for a $6.89M profit.
Bitcoin has recently surpassed the $60,000 threshold. This surge to $60,660 in Saturday trading marks a significant recovery, overturning the losses recorded in early September. This upward trend is attributed to the market's optimistic anticipation regarding the Federal Reserve's upcoming meeting, where a substantial rate cut is expected.
The positive trajectory continued, with Bitcoin reaching a peak of $60,770 on Friday, representing its highest value since early September. As of the last update, Bitcoin maintained a robust gain, up by 3.27% over the last 24 hours, stabilizing around $59,835.
Whale Moves Amid Bitcoin Rally
The resurgence in Bitcoin's value has been accompanied by notable activities from cryptocurrency whales—investors holding large amounts of currency. On-chain analytics platform Lookonchain reported that seven dormant wallets, likely owned by a single entity, transferred 203 BTC valued at approximately $12.18 million to Binance. This move is presumed to be a profit-taking strategy, as these wallets had purchased the Bitcoin for around $5.29 million between March and August 2023, culminating in a profit of $6.89 million.
https://twitter.com/lookonchain/status/1834797083091779623
This pattern of depositing large amounts into exchanges typically suggests a potential sale. Concurrently, other prominent Bitcoin whales have engaged in significant transactions. For instance, one whale purchased an additional 1,062 BTC worth nearly $64 million after the price breach, now holding a total of 10,043 BTC valued at over $603 million. Another active whale, a swing trader, capitalized on the fluctuating market by buying low and selling high, securing a profit of $2.36 million from recent trades.
Institutional Impact on Bitcoin's Growth
The corporate realm, led by MicroStrategy, has also played a crucial role in bolstering Bitcoin's market stance. The business intelligence firm recently expanded its Bitcoin holdings by purchasing an additional 18,300 BTC, costing around $1.1 billion, at an average price of $60,408 per Bitcoin. This acquisition has increased MicroStrategy's total holdings to 244,800 BTC, valued at approximately $14.15 billion. With the current market prices, this positions the firm at a theoretical profit margin of nearly $4.71 billion.
The current increase in Bitcoin and strategic moves by high-volume traders demonstrate growing trust in the cryptocurrency's value proposition. Analysts remain hopeful, predicting potential milestones of up to $150,000 by 2025, as institutional and individual investors alike appear eager to capitalize on any economic signs that could influence the Federal Reserve's monetary policies. This sustained buying by whales points to a bright forecast for Bitcoin's immediate future, despite unpredictable market conditions.
The post Bitcoin Surges Past $60,000 as Long-Inactive Wallets Make Big Moves appeared first on Crypto News Land.
