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23,500 Bitcoin (BTC) Moved in Fourth Largest Transaction of 2023, Here's Price Reaction

Wed, 04/12/2023 - 12:30
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Tomiwabold Olajide
$30,000 Bitcoin price mark crossed
23,500 Bitcoin (BTC) Moved in Fourth Largest Transaction of 2023, Here's Price Reaction
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On-chain analytics firm Santiment reports that a whale address was the recipient of a 23,500 BTC transaction worth over $710 million. This was the fourth largest recorded transfer of the year, according to Santiment.

According to the on-chain analytics tool, now that the $30K Bitcoin price mark has been crossed, large moves like these should become more frequent as the crowd polarizes.

On April 11, Bitcoin surpassed $30,000 for the first time since June, bolstered by bets on looser monetary policies that have helped cryptocurrencies perform exceptionally well this year.

Some groups of investors being drawn to crypto as an asset outside of traditional banking and finance may have contributed to this increase in part.

Bitcoin Might Go up to $31K or Drop Further to $25K, Analyst Paints BTC Price Outcomes

The rally subsided as Bitcoin (BTC) fell below the critical $30,000 threshold early Wednesday. The market capitalization has dropped 1.29% during the last 24 hours. Traders likely garnered profits ahead of the release of the U.S. Consumer Price Index (CPI) for March.

At the time of writing, Bitcoin was down just 0.45%, trading at $30,011. Analysts also drew attention to the persistently low liquidity that bears claim distorts pricing and may trigger an immediate reversal if central banks persevere in fighting inflation.

Investors will be watching closely for fresh clues about the Fed's monetary policy in Wednesday's CPI data, Thursday's FOMC Minutes and PPI inflation data, and Friday's sales and consumer sentiment data.

Crypto analyst Ali reports that the Bitcoin network has reached a record high of 512,000 new addresses, which is a promising sign. He observes that growing user adoption of Bitcoin may indicate future price increases.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.