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Bitcoin (BTC) saw a staggering $292 million move in just minutes, sparking attention in the crypto market. The large transaction volume has raised speculation regarding institutional activity or mass whale movement.
On-chain data suggests that the funds were moved between unknown wallets, hinting at a major accumulation or strategic redistribution of assets.
According to a blockchain data tracker, Whale Alert, "3,402 BTC worth $292,322,254 was transferred from an unknown wallet to an unknown wallet."
It is possible that the transaction could be linked to an OTC (over-the-counter) trade that takes place outside of a cryptocurrency exchange. All that being said, the exact reason for the move remains unknown.
Alex DovbnyaAt the time of writing, Bitcoin was up 3% in the last 24 hours to $85,947. Bitcoin, Ethereum and other leading coins rose alongside markets after Fed Chair Jerome Powell issued a dovish assessment of the U.S. economy.
Bitcoin rebounds
Bitcoin surpassed $87,000 on Wednesday, rising nearly 6% as investors reacted to the Federal Reserve's hints of looser financial conditions and increased expectations of a liquidity-fueled rally.
Tomiwabold OlajideThe Federal Reserve held interest rates steady on Wednesday, extending a months-long pause in rate decreases due to economic uncertainty. The Federal Reserve's decision was largely predicted, holding its benchmark rate at 4.25% to 4.50% after it began lowering borrowing costs in the fourth quarter of last year.
In remarks following the announcement, Federal Reserve Chair Jerome Powell stated that the central bank's newest inflation forecast was "a little higher than projected with December."
Bitcoin increased its gains in the early Thursday session, reaching highs of $87,470 before falling to about $85,000, where it presently trades. The rise has sent BTC above the daily SMA 200 to $84,509. The focus will be on how Bitcoin maintains its position above this key level in the following days.
Vladislav Sopov
Dan Burgin